Skip to main content

Full text of "Financial Times , 1987, UK, English"

See other formats


■W- 



* S'*. 28 nrmn.,1 

»ui«i K“ 

Sr 

--COL75 SEi" 

Wr.B4tt Zh ' 

v»2 

c» UaaBb «^l 

®»«0 tote 

-£*« toW 

-&U.15 ftkngy; 


-^3100 
-tea a 

- • - VBOO 
-a* an 
•/Woo 
a a m 
Ifttf 

-fa«5- 
.ffc30D 
■OK MO 
■ H3JJ0 
■fe7J» 


3"£!_~'e*ioo 

S.Anba..EfeMo 

S*M>to..St3 

,!S 


S"*wfaj »220 
NT 185 

£**-[1*8.800 
5*?-— 1.350 
0>i. ... jjfftjffl 

sun 


No. 30,185 >% 




CIAL TIMES 


EUROPE’S BUSINESS NEWSPAPER 

Monday March 16. 1987 


D 8523 B 


Mao wheeled bach 
on to political 
stage, Page 2 


f 


L 


W: 





Fraud 


by bombs VW 
in India sell-off 



J^wote-controned bomhs da* 
JSj* y .eg raaa train speeding 
owsv* bridge in nootfceralndJ* 
Q^ eogme and eight 
into a dry 
n»w bed. At feast 18 people were 
known to have died tatsanie re- 
ports put the tnn higher . 

«P«t. KuttteR^St 
Wi.' off Marudayar BridW. 
^irat 40 2nQes from TSnfehirapalH 
mjamil Nadu state. Polke were 
said Id have found a poshes near fife 
scgve caffipg focr support er Sri 


Fears for hostage 


lm grave 


THE FBAUjtaJiMT feapi or 
rency d entin g* at Volkswagen* Eu- 
ron^s largest car producer, could 
delay the West German Goran* 
menfff plan to sen its remaining 18 
per cent stake in thegroup fins 
year, awarding to Mr Gerhard 
Stottenberg, the finance Minister. 
Page 2 

EUROPEAN Monetary 
Most currencies were 
weaker in the EMS last week as 
stazfing continued to attract inves- 
tor demand. Figures released 
showed that West German econom- 
ic growth 'had tattered in the 4th 
quarto- of 1988 and this encouraged 
traders to take advantage of the 


EMS March 13 1987 


i J 


i__ , . — Biwp non* 

tog inm said they would announce 
^ death tod^y inflate of appeals 
by the Preach Foreign Ministry. 

PhfeS 

Spanish base batUs 

Fete taught proteutera . on foe. oufr- 
rairts of Torrejon air. base after 
thousands of Spaniards had 
maxchedtheredemanding an end 
to the IE nriTrtmy p ra w w to 
Spain. It happened only hours be- 
fore US Defence Secretary Caspar 
Weinberger was due on an official 
wait 

Paris protest inarch 

Some 10,000 people marched 
through Puss from the Bastille to 
foe Operate demand withdrawal of 
a proposed' xtofionalfly Ml which ’ 
yrojd (fepriw ftei ch-b gp chfldren 
of foreign parents of an iwrtmnatic 

imtinmiay .-Ryt 

l4arcoscashltldden v 

'Former Reside nt ftenfiuaad Mar- 
cos and Ha mtm ri ntr* sti& eon- 
.iro Mteg asai^eirepteagmtite 
Pfafltapfenie onuvruR R a n aan y Ptas, 
feld ai t M*»a* pend trs(cking 
iton> pfa ff il wsi 

and his fondly were stole to Mde 
ntena before they fled,* he added. 
***** 

Finns go to pofls 

iamentai^riecttais expo&luto' 
produce a shift stray from toe left 
towards oo naarvativ ea and environ- 


4*- 




2 * 




O-**- 




Honeckar sees mayor 

Eaat Goman leadter Erich Ebnecfc- 
er held with the governing 
mayor of West Berlin Hedisal 


Mr will ma ke an un- 

precedented visit to the city nest , 
month. Page 3 

Danas back on air 

Desmaskfa state-owned television 
service was bade “S* 1 “F 
tedbntctans ended a' stake that bad 
out programmes since Fri- 
day. 

Bangladesh boycott 

A omday strike by students shat 
nil estahfishmenta 

. Bmigladeahand forced 

postoanemenkaf enaTninataODS . h 
fte deaths of three sto- 
-dmtawbeftnhomb wastinownm- 

tothdrroam. 


high level of interest rates avsQahle 
fintdedBng'Tbe dollar bad fttie fat- 
2hfence<tocorrewYtoovemeidBbe- 
catzse it remained wifira; a very 
narrow trading range benrnsp d 
• fears of Mnto l fenV intwwiiti nn. 
The Belgian franc was the weakest 
currency '.hot. remained «B wit hin 
its di vta gBu ce Emit 
7hB chart xhotps the turn conxtratnn 
oh Eur o p e an Monetary System «s- 
c tuorge nte^ The vpper grid, bared ; 
os4fevari»t«wniM|htkcq*: 

ten. define* the enm tom from 
\aktehno currency (except foe Uni 
may moon more than 234 per cent 
The lower chart gives each curren- 
cjfr divergence - from, its Tcewtrol 
role* agabttt the Suro - . - m Cumro- 
cgUrnt ftCU ), itodfabaxkctofEur- 
Topeim zvmnaex. •. 

HHr Ttave important UK 
Court eases, with rulings to be 
. made on court jurisdiction and the 
right of foreign states to Imnnmti y 
from, '•forme are dne to be hdd in 
April and June. Page IS 
HALT* Xceasmy KBmster ffiovan- 
id Goria, unveOed a draft proposal 
which for the first time would allow 
■ ti Ji Hif i ri companies and other 
Mo fen fc ain c eras - to acquire 
dunhddlqgs in ba n k s . 

WEST GERMAN Goremmentded- 
sion to keep the stock esriange 
turnover tax, after enter promis- 
ing to drop it, win severely weaken 
the coantr/s prospects as an teter- 
f fflSi|Hal frumdri centre, according 
to the Association of German Stodc 

End*anges.FBgB2I 

MEXICO has suspended a sch eme 
mwto which forajgo, creditors can 

convert debt into equity in Mexican 


Brussels may act 
against airlines’ 
European cartel 


BY TIM DICKSON IN BRUSSELS 


THE EUROPEAN Commission will 
this week consider taking legal ac- 
tion against at feast three of Eu- 
rope’ai major national rirfines. 

The controversial proposal, wfaidi 
if adcfted would represent t he big - 
gest challenge yet to the EEC's 


to he on the agenda of a 

hey «| |f*8 n |f Of n nw T n ioamu> wt to 

Brusaeb on Wednesday. 

The Issue Is considered so sens!* 
"’five tint rn rnmiw nfm officials last 
Ttight refused to .comment on tiieir 
reqnnse. But EEC diplomats con- 
firmed ***** the ft** companies 
are most fikriy to be foe national 
c arri ers of West Germany, Den- 
mark, and Greece - Lufthansa, 
Scandinavian Air Systems (SAS) 
and Olympic Airways. 

Tfi tetters flg w* tO 10 wtfnww T cap. 
tiers in the middle of last year the 
Commission drew attentio n to a 


number of infringements of EEC 
c o m p e ti ti o n rules naU^ i for 
rfwiy i to their commercial prac- 
tices. 

The arrangements by winch air- 
fines fix tariffs and agree to pool 
their services on certain routes re- 
gardless of underiying performance 
came ir V caref u l scrutiny. 

Negotiations have been taking 
place with a number of companies- 
notably British Airways, British 
rulwinwiHi pmA WM — tot under 
foe EEC's founding charter, the 

T w^rfy of ***** flpHi nnwiwi t« 

obliged to issue a “reasoned deri- 
sion” against foose which do not 


It fe tins action, winch would en- 


able any in t er es t ed party in foe 
EEC to take offenders to their own 
national court or the Europe a n 
Court of Justice, which is bring con- 
templated in Brussels. 

The outcome of Wednesday’s 
me etin g is directly fam to iwv t 
week’s meeting in Brussels at EEC 
Transport Ministers when Mr Her- 
man deCroo, the Belgian chairman 
of ifae Transport Council, will by to 
revive the political momgitiip for 
ah-Bra* fibj jMifaprti«n_ By p ytfl fc ac- 
counts in Brussels tins appears to 

haw fh p ppd gjnee the he giTHtiwg nf 

tim year with the proposals now on 
foe fa*Ma Bp ri ftwa fl y bet r yflrail 
ttun those wwH H wwRB rf i illy can- 
vassed by Britain during the second 
half of 1068. They are considered 
tar foam ambitious by the more en- 

fhw«iacf*r» rtf rt tfn rm 

Mr Peter Sutfaeriand, EEC 
Ccanpetitkm Gonmnssaoner who 
has ^eariisaded foe campaign for 
greats liberalisation of air trans- 

^^□xfrtfoe^^tf^ogress dur- 
ing an r d draii g ***** month to ***** 
Economic and Monetary Cammft- 

tae W u w^ia a n Parliaimmt. 

An EEC diplamat in Brussds, 
last ni^rt talked at "significant 
back-tracking” on most of the major 
proposals. New conditjons have 
been attached to tim proposal for 
more cot price tares; foe pfam to out- 
law the current bilateral deals 
whereby European «triin»* w*n 
carve vp revenues' on a 50/50 basis 
and move to at least a 60/40 adit 
within foe next three years has 
been watered down to the extent 


tiiHtmmntiw rintp c rftnlil m ore 8M. 

fly block the later stages of this pro- 
cess; and foe moves to promote 
mire co mpetitio n on routes be- 
tween so called %rifaT airports such 

PS ffe y ftg fl w qwiri nuiflat rfa flanflw 

and regional dties have to some ex- 
tent been checked by new restric- 
tions and except io ns for ce r t ain 

nwmlw 

New capacity Emits and aircraft 

daw hnw > mw^Tiwated wagnBfl . 

tions over other of im- 

proved market access. 

Waftw to Sntimriand ****** Wh 
fidals would comment yesterday 
but djptamafa believe foal the 

Https* to Step Up the Qwm i i m onn' t 
legal action may well be used to in- 


f tew inwg ir tttA h ilmpir pjnrniilU Mwt 

to voluntary dmnge. 

Tha mn i mi ta wn* rtf **w fian miii . 

sion itsrif, bowevra-, is tar from cer- 
tain with Mr ffoflwrlMwl by no 
means g ua ra nt eed foe necessary 
support of a majority of his cot 
Tan gnpq at Wednesday’s aeatin g . 
Some, notably Mr Stanley CBnton 
Davis, the EEC Transport Commis- 
sioner, are prepared to accept a 
rather less radical political package 
as an adequate "first step," while 
others are expected to vote along 
hhhp fa fejaafly n ationalisti c uma 

The other important issue which 
will be discussed in Brussels this 
week is foe scope of foe so called 
“Mock exc eption " a gmmifc the fuD 
force of foe EEC’s co mp etition rales 

Call for lower business fires, 
hp2 


UK budget fuels hope 
interest rate cuts 



BY PWUP ST&HBtt. ECONQHCS CORffiSPONDEIir, M LONDON 


group, bod virtually, tme h a nge d 


o - 


dse in tnnunw. Profits after finan- 
cial items totalled SKr 742m 
against SKr 741m. Page 22 

GENERAL MILLS, US food &o~ 
■ fttuang and restaurant group, re- 
ported a 27 per cent rise in third- 
qmarter rarnings, extendin g the re- 
covery in profitahffity set in train 

by a radical re st ruct u ring conqdet- 

edayearagaltege ZL . 

CTiMAnl OK foterisk m and Iri- 

KSCSSS 

film group. Page 13 

60V 1£T metal trading md equ ip- 

t rurat sales organiratinnJvriTOfc- 

immiexport hw^edfoe PU%- 

Snes if it can b^> to revivear^- 
Sate foe troubled Nonoc Ctapora- 
^ nkfori and cobalt mme. 

FbgcM 

titoe, 

CONTENTS 

-ufi Cxoeemtai 
" CeoctaaeMa. 

gtfltartalcmnBwn*- -nr 


jjaoo HungmtaM 


'SeM yyggfoe Mg^ 
ticii-'h^ tolerated each open ex- 
tfisseot 

■Ctmioob^v^ega 

not rendL d«g « 


THE Brifirii Government hopes 

ftlttt,>n u i Wnri in«i rf * w**i*» 

a lower pcbEc borrowing target to 
be announced in its budget tomor- 
row will lead to further reductions 
of up to I perce nta ge point in UK 
interest rates orar coming weeks. 

In spite of the financial authori- 
ties’ detenmnation test week topre- 
ve&i rat es from faffing by mare 
than Hi a percentage point to 10ft 
per cent, foey see the prospect of a 
afamtar cut soon after the bodget 

BT the Tffw ct* * yH of mar- 
kets Md, to tim foreign 

excfaanges,tofoebodgetismix»&- 
vou r abte foan expected, the official 
view is that a 1 point redaction may 
be posable without risking mi ac- 
celeration in inflation. 

Such a more would guarantee a 
cut of 1 percentage print in British 
hmnft loan rates, providing an 
added boost to personal incomes in 
the runup to the generaleferfian- 

Eis now nxkdy expected that Mr 


Nigel Laanm^foe Chancellor effoe 

Exchequer, win have at least £5bn 

(57Jbnj to between tax cute 
and a lower b or row ing target Un- 
tar'foOR H r ^ imdiin ag ^ fe COUld 
announce a r ed uction in foe ba- 
ac rate of tax to ZQp. 

Efawever, it is thought Mr Law^ 
son will Imre accepted foe Bank at 
England's call for a redac- 

tion m foe target for the public sec- 
tor bammxog requirement in order 
to win foe confidence of UK finaft-. 
(Mmadtets. 

Tie general expectation m foe 
CSiy of tendon is font tim Chancel- 
lor wig fewer the b o rr o win g target 
from £7fan to periuqw £5bn or 
CRtim, leaving room far tax cuts of 
around ESftbn. 

Smfa a comMnation would fan* 
press the markets in two ways: it 
would be seen as enhancing tha 
Government's electoral prospects, 
white «*|p*» nt **f f ***** the Treas u r y 
was sticktog to ajsudeat approach 


to public finances. 

The * n te *ri fl *fr*"*i e n v ir o nm ent 
also points to a general lowering of 
interest rates. Since foe agreement 
between finance min is ter s in Paris 
last mouth to seek to stabfliae ex- 
change rates, France, Italy and Bel- 
gium have also reduced borrowing 
costs. 

It is understood that foe West 
German Bundesbank beEeves a re- 
duction in its official rates may be' 
possible in the early summer if the 
country’s eco no mic growth is still 
flagging. 

At the Paris meeting, Mr Lawson 
adopted an implicit target range for 
sterling against other major curren- 
cies, signalling that any significant 
rise in the pound' s win e would be 
resisted by cuts in interest rates. 

Continued cm Page 20 

UK bdtufay, editorial comma*. 
Page 1ft; UK inflation. Lex, 
F«|e» 


Yugoslav strike wave grows 


BY OUR FORBGN STAFF 

YUGOSLAV trade un ion leaders 
bare Mamed a wave of apparentiy 
unorchestrated strikes over the 


Trade Pnft*n» of Yugoslavia 
told a union meeting on 


introduced last month winch froze 
wages at the overage level id foe 
1«d - thrmi n w i pti** of 1968 and 
pinned future wages growth to ^o- 
dnctivfly. Yugoslav tdevisian news 
AwHW tim strike wave as un* 


„ press reports, trade 

minn njflriiil, Krid crisis meetings 
over tim weekend, in Zagrdt and 
ofoor towns in Croatia, ^wre foe 
jhidwtriwi pmes t is centred, in an 


hound to cause unrest. 

Mr Bflandrija, called ti m new 

Bnmko Mflm^^foe 
Prime Minister, in an effoxtfo riem 
ajnraffing fnflntinn - 3 "nndnigfat 
law" Mi had caused an explosion 
of bitterness among workers. 


a/ tnkum to Yugoslavia in recent 


more police were visible on tim 
streets last .weekr indicating a fear 

offartber demonstration 
33m official Tajugnewsagency re-, 
parted yerimday that Mr Iso “K- 
’ — ft iwMwtt of the Croatian 
of foe Confederation of 


programme of economic sta b j lis a - 
tion significant turn- 

rounds and brbound to bring about 
certain «*awwiWw, and even social 
and otter unrest," he was quoted as 

saying by the Tajugnewsagency. 

“We «4>nwM bare prepared our- 
selves for fo**- We mnat admit that 
we dM not take tide omendy 
e n ough, for vrindi foe orthms can- 
not arid respanribflity. Bu t fom 
lies with 
he arid. 


Mr Bflandrija also asked why a 
similar price freeze bad not been 
imposed on prices; particularly of 
staple foodstuffs. Over tim weekend 
tim price of Mead was increased by 
25 per cent; foe latest in a string of 
food juice rises. 

Pr rirtffc ^ 

Belgrade newspaper, said yester- 
day that despite a finny of union 
meetings to restore cum, more 
strikes were likely after tim week- 
end. 

Separately, but in another intfic* 
tkm of worker disc ontent , Fo&tika 
reported that last week 600 workers 
marched on a town ball ia tim Mr- 
ton town of Cefc'e because forir 
loss-making factory was about to be 


Western 


ata said yester- 
unrest was 


day that the 
the first open and spontaneous faM 
fay workers to force foe Yugoufoy 
Gorammenf to change policy. 




-- gfflWW**- 

• UK " — 10 ptoanefelfttarre 

& 

Letters u 







~ Bounce 


-WhB Street 
"ZZ 

17 jl_ ........ ZWl 

■ r T ubutb*#"— *■" •> 

•Badd GuMe Wrefo« 





THE 

MONDAY 


PAGE 



Pxfnce Rainier 
oCMmiaco 
talks to 
Flud Betts, 
Page 6 


Management: Thom EMTs great fi^it 

back....*..*..* 9 

Midland Bank: someone had to be the 

first casualty H 

ViHtnrinl fvwmnMit; LlK mcfaistry protec- 
rirmi-am 1$ 

- Foreign Affairs: Chirac and the French 

Presidency... 18 

Anglo-French defence: -Vest un zn^jor 

breakthrough" 19 

Oxford election: , a bit of archaic non- 
sense 19 

Courier Express: Survey 31-34 

Survey: Austria Section III 


EEC officials 
fear backlash 
over oils tax 


BY QUENTVi PEEL M BRUSSELS 


1HB EEC could ta pp ffl il p ll lli fn f i ff 11 

dirinw fp r fen s of twidft ru pptog into 
KlKnrii qf- AiflarB if it 




The plan to impose such a tax has 
been formally proposed by tha Eu- 
ropean Commission as part of its 
minmi) package of form juice mea- 
sures, in a desperate attenptto cut 
the soaring cost of suppo r tin g pro- 
duction of ail seeds and ohve oil 
within the Community. 

However, the danger of a furious 
mtena ti on al backtoh frqm tradi- 

♦fcmal gqj pHpn i KVa the UJJ, Mafey- 

sis, lodmesia, and a whole range *d 
ofoM Asian, African, EuR^iran and 
ijitm Americas countries, wifi be 

witeprf BBC fa-wg" mrmB- 

ters meeting by Sr Geoffrey Howe, 
foe Britidi Foreign Secretary. 

Current sujqdiexs to tim Ctannm- 
nity at both vegetable and marine 
nils — ranging from so ya Ml and 

palm nil to SUnfloWUT a«A iwwin* 

products - would be entitled to 
riwrn ppp H iBiti^ faff Inm of CX- 
ports, wfaribo* the proposed ofl tax 
is actually legal under the General 
Agreement of Tariffs and Trade 
(Gatt) or not, trade officials say. 

The compensation payable could 
equal a large part of foe extra reve- 
nue gene r ate d foe tim cash- 
strapped Co mm u nity budget esti- 
mated at some Ecu 24ftm ($2.74bn)- 
Tt could be a very expensive way at 
raising money toe foe Gammon Ag- 
ricultural Policy." according to one 
EEC diplomat 

Sir Geoffrey wifi today ask the 
European Commission to say how it 
plans to answer such compensation 
fiaTiiw, as well as stressing to his 


coDeagnas bow damaging tim tax 
could be to a whole range of exter- 
nal relationships 
Apart from the UK, the tax also 
faces tim oppos i tio n of West Ger- 
many, tim Netherlands Den- 
mark. Between them they can com- 
mand a MndBng minority in the 
Agriculture Council, which has the 

nltim wlA nrner M Rwrinanw DfaflO- 

nuUalmBmrefoatif is timrefbreM 
unKkriy lo be approved, unhaa any 
country switrims position. 

The problem is that the mis and 
fats sector is c or r en tiy costing the 
EEC budget some Ecu 2bm and that 
could rise by another Ecu Zbn once 
^tafai and Portagal are fuDy inte- 
grated ****** the tTnw wn ii Agncultu- 
raiPhlky. 

The Commission is proposing a 
tax up to a maximum Ecu 330 per 

*nrrrw> | which w nn i mte tO «Qwm» 85 

per cent on the current soya {nice, 
and around ZOO per cent an foe 
price of pahnofl. 

^part from foe compensatiorn ar- 
gunmnt, opponents of the tax auy ft 
could have fosastrous consequences 
far foe new round aimed at fortes 
liberalisation of tim Gatt. and infu- 
riate the US at a time when tim 
Ctwiwwiwtty fa trying to co unt er a 
strongly protectionist mood in 
Washington. It will also have a^ very 
obvious effect on c on s um e r prices 
for margarine MdciHg nil. 

Mr Willy De Clercq, tim EEC 
Trade Ornmnsaaner, vnU report to 
the faywjg n winhto w i cm bis latest 
effort to head off a new textile bill 
in the US Congress, by warning of 
Inevitable retaliation if EEC ex- 
ports are affected. 

EEC tax and margarine pices. 
Page 2 


Japan forced to lift 
outboard motor prices 


BY CARLA RAPOPORT M TOKYO 

JAPANESE outboard motor manor 
factaers have agreed to raise their 
European export prices in the wake 
of a fresh antidumping inquiry un- 
dertaken fay the European Cosnmis- 
rian. 

In the second move against the 
Japanese motor makers in five 
years, tim Commission is expected 
to announce its decision to impose 
price increases on Japanese out- 
board motes by the end of this 
month. 


The Japanese manufa c tur ers, 
which currently hold about 50 per 
cent of the $300m EEC outboard 
motor market, will be obliged to in- 
crease prices by an average of 18 


percent Suzuki motors, oob of tiw* 
major outboard motor maters, said 
of the decision yesterday: “We re- 
gret that the customer will be 
obliged to pay more” tar its out- 
board motors. Other affected com- 
panies inrinde Yamaha, the leading 
Japanese producer, Nissan and 
Honda. 

The Commission first laun c he d a 
dumping investigation against foe 
Japanese manufacturers in 1982. At 
that time, the Japanese were in- 
structed to raise their prices from 
between 15 and 30 per cent In No- 
vember, 1985, however, European 

Continued on Page 20 


NYSE to 

change 
triple 
witching 
expiry hour 

By DuvW Owwn In Chicago 

THE NEW YORK Stock Exchange 
and its subsidiary, foe New York 
are to move the 
q ua rterly expiry of fteir resp ective 
stock index totares and options con- 
tracts to foe opening, rather than 

tile close, rfirilnig in the underiy- 
ing stocks on expiry days. 

The New York stock market has 
tperienced bnge surges in trading 
voluxne and swings in prices on so- 
caSed “triple witching days” - the 
one Friday each quarter when stock 
index futures, index options and in- 


On December IS last yea r, the 
last triple witching day, the NYSE 
traded about 85m shares without 
serious di srup tion, reflecting the 
fa pjipf of wary, analysts that inves- 
tors have farad ways to avoid the 
potentially huge losses that could 
be caused by fadbxre to square post 
tions in fixtures contracts or options 
with foose in the undeefadog shares. 

Although the next triple witching 
day falls tills Friday, foe proposed 
changes would not came into effect 
trwHl Friday, June 19. 

The NYSE said the exchange 
-has long advocated imlllfinirnt in 
rtm p fflmng rather tih«w* at the 
dose as a practical wuy to deal with 

order tmmliiMBii Mill priw» wlatili. 
ty which historically occur in triple 
witching hours." 

The New York exchanges? pro- 
posed change, which stifi needs offi- 
cial approval, fe closely in line with 
an ear&er proposal by the Chicago 
Mercantile Exchange to modify the 
expiry terms of its widrijMraded fu- 
tures and options contracts based 
on tite Standard 6 Poor’s 500 stodc 
index. This proposal has since been 
app ro v ed by foe Commodity Fu- 
tures Trading Commission, 

The NYSE's move comes a few 
days after the Securities and Ex- 
change Commission told the ex- 
change in a letter that it should 
tighten measures involving all pre- 
existing marketon-dose orders for 
50 of .the most actively traded 
! stocks before Friday. Member fi rms 
udfi be obliged to notify the ex- 
change authorities of imbalances in 
antes for these stocks half an honr 
before the dose. 

The exchange, winch says it has 
still to receive the tetter, has volun- 
tarily taken such steps since last 


the Chicago Board 
Options Exchange (CBOE), which 
in Febru ary vote d to move foe expi- 
ry of its S&P 500 index option to the 
opening of trading, now says that it 
will instead introduce a new class of 
S&P 500 option that will be settled 
against opening index values, while 
leaving its existing contract un- 
touched. 

Chicago and reform. Page 28 



Two year 
performance. 


Trust 

Percentage 
increase 
in value 

Position 

in 

sector 

European 

+145.0 

1st 

Worldwide Recovery 

+91.7 

2nd 

‘Pacific 

+67.1 

13th 

International 

+71.2 

13th 

UK 

+77.3 

34th 

Income & Growth 

+71.5 

10th 

Practical 

+61.6 

1st 

Japan 

+48.1 

31st 

High Income 

+60.2 

8th 

American 

BOMBEPMtaH.rtOWL 

+21.1 

9th 



The Oppenhenner. European Growth 
Trust, which was the No. 1 European unit 
trust in 1985 9 remains top over the two 
years to the 1st March, 1987 with an 
increase of 145.0%. 

This managed European fund pro- 
vides the benefits of a specialist fund but 
removes worries about the timing and 
cost of switching. 

For further details call 
01-489 1078 or write to 
Oppenheuner at 66 Camion 
Street, London EC4N 6AE. 



RmUmtunamm 


Amsnbw company Hewn Qtwp. 



2 


Women and 
Greens set 
for Finnish 
poll gains 

By Qffi Virtmcn la HMM 

WOMEN AND the Greens Mb 

likely to gain most from uw 

Finnish parliamentary eke- 

ttens in which the last wles 
are being cast tmagn. 

Bat the main cpiestiraa, con- 
cerning the relative strengths 
of the three mate 
Social Democrats, Krtawmja 
rcvwmtUwi) and tte 
Centre Party, still remains 

8 *Tfc*! doctorate has been W* 

cold by the c ampaig n. An 
opinion poH estimated that 
tile percentage of sotos W 
«k>«tine fram *1 pm 
1« to as low as 72 per cent. 


M 


him as a 


that “ confused n peopte 


m 


arture with changes 


compared, with the 


(17) may lose np to ™ 
Gemtie Party (87) ud the 
Swedish People'S Parly (11) 
acre expected to stny 
unchanged. 

In the opposition, Fin- 
land** second biggest Party; 
Kokoomos (44) has lost 
mun tfwtiiwi and may net gain 
at alL Fhdand’s communists 
split into two separate 

parties last year. 

Min pragmatic majority 
now has 17 seats wlrila the 
Stalinist (and more pre- 
Soviet) minority h as lft. Th e 
total manlier of cammom st 
iS win decline^ partly 
because ti*eir popularity w an 
(be wane, parfly ^hccansejrf 

the nrowMtl onal dectwal 
system diet favours Mg 


£££ atioSdS sar”prebridy ^ 



• JV. ■'?; . , .. 


They’ve 






X: 


.'■ : ■sZW'iijevZ A ' . '-.| 

-.qr' t-.*. V 


\\w&\ 




^V-. . ' ? ■' y ' -if j m ' ' ■ 




oil® 

!«« 

■f.i. # f sY 

' ' s 4 j 





L-t* 


' v.' - ' 


. v>sr^ v % ' \ " •• ■ 

-?■ ; -5 » 

■ ■ * •'" ' '• «v 




- *1 :<&*&■, ■>'-*"■ ■' • '*>*, - • - “ 
TV /w A" 1! - ‘ ' 


•*». _ '» - 


. i •’• ' 



a 




r- ■ ■ 

i.vrjru-' v» - v 




All these names 




• ' . ...:. ' •■ 'i. f-i. 


• .■?;.& 


























^3iiclal Times 


Monday Jaaricii 16 1087 


(-^LLpQ-a 1 ^ 


OVERSEAS NEWS 


Reagan 


i rv 


IF 


David Marsh looks at the plutomum deals of a controversial nuclear factory 

‘French connection* boosts German N-plant 


M 


l 


IT GEORGE GRAHAM IN PARS 

SL™® of Mr JOBiiobl. 

one <rf -the five 


PLCTOlvTDM FROM French 
nuclear Rower stations has 
been sent to West Germany's 
con tr oversial A Item atomic fac- 
tory for turning into fuel for 
German unclear reactors. 

Stocks of the radioactive and 
tonic metal produced in power 
plants owned by Electricity de 
France (EdF), the French state 
utility, have supplemented the 
phztonixun from West German 
nuclear reactors which is the 
material in the 

Alton plant 

News of the cross-border 
pinfmrinm transactions, part -of 
discreet business arrangements 
between the French nuclear la- 


tum operators, has emerged as 
a political tow over Alton has 
reached a new peak. 

Additionally, Alkem and its 
parent company, Nukem, were 
at the centre of a plutonium 
scare at the weekend as a re- 
sult of two separate Incidents. 

Nukem, which handles 
highly enriched uranium for 


with namaT] amounts of plutonium 
mysteriously mixed with a con- 
signment of u ranium. 


Nufcam has closed down a 
section of the Riant pending 
investigations hat has denied 
that the health of 18 people 
working in the department 
could be in danger. 

Alton, meanwhile, said that 
oa Friday one of its staff 
received a small radioactive 
dose from a tear In a 
plutunuam handUng glove. 

The state (Land) govern- 
ment of Hesse, which has juris- 
diction over both the A them 
and Ntakem plants at Hanaa 
near Frankfurt, was criticised 
Sharply toy Hr Walter Wall- 
marm . the Bonn Environment 

Minister, for falling to Inform 


Nukem incident a fortnight ago. 

Hesse has also placed itself 
on a collision course with Bonn 
by Mocking Alton's request for 
Soil operating permission to 
handle plutonium under 
Germany's complex nuclear 
regulatory procedures. 

In view of the stalemate, the 
federal constitutional court, 
which rales on disputes between 
the central government and the 
Laender, is likely to be asked 
this week to intervene. 

Alkem, controlled by the giant 
Siemens group, is one of the 


world's most experienced civil- 
ian piMitu h andling plutonium, 
which is fanned as a by-product 
from the burning of uranium 
in nuclear power stations. 

The plant has drawn heavy 
opposition above all tram the 
Greens, the ecology party. In 
protest over Germany’s move 
into the “plutonium economy” 
the Greens last month left the 
Coalition gov e r nm ent in Hesse 
with the Social Democratic 
Party (SPD), forcing new state 
elections next month. 

Alton normally handles up 
to 1 tonne of plutonium a year 
which is separated from spent 
German reactor fuel mainly at 


plant at La Hague on the Nor- 
mandy coast 

Underlining tee dose links 
fa the pl ut o nium cycle between 
the French and German plants, 
Mr Wolfgang Stoll, the Aus- 
trian-born general manager at 
Alkem, says that Alton is es- 
sential to provide the next stage 
for the pl uton i u m produced in 
France, *Tf we break down here^ 
then La Hague will have to 
close down,” he says. 

Alkem is believed to be run- 
ning at a plutonium through- 
put of about 780 kilograms a 


year, but plans to increase capa- 
city to around 8 tonnes a year 
during tee 1890s. 

The plutonium Is fabricated 
at Alton, amid conditions of 
tight security which include a 
new DM 4m boundary fence, 
into so-called "mixed oxide” 
(Max) plntonranummimn fuel 
for recycling in German 
nodear power stations. 

Plutonium from German 
plants has recently been sup- 
plemented by stocks of the de- 
ment from EdF power stations. 
This is a result of camples 
“swap” arrangements worked 
out with Gogexna, the French 
state-controlled unclear fuels 


k . . t m . , • m, m f 


Hague plant. 

The “swaps” have been 
arranged for essentially tech- 
nical reasons. This is partly 
because France has no immedi- 
ate use for plutonium separated 
from spent fuel from EdF 
plants. 

Additionally, some spent fuel 
from EdF plants has recently 
been sent to La Hague to 
replace fuel elements from the 
large German utility Rheinisch 
Westfaelisches Elektrizi'ta.ets- 
werk (RWE) which cannot cur- 


Portugai-china , Honecker discusses West visit 




BY LESLIE COUTT IN LEIPZIG 

MR ERICH HONECKER, the 
East German leader, held talks 
with the governing mayor of 
West Berlin, Mr Eberhard 
Diepgen, in Leipzig yesterday, 
a meeting which as expected to 
determine whether Mr 
Honecker wall make his first 
visit to West Berlin next 
month. 

Mr Honecfceris acceptance of 
an invitation extended last 
week by Mr Diepgen to attend 
a ceremony marking the 760th 
anniversary of Berlin Is likely 
to hinge on whether Mr Diepgen 
accepts a controversial invita- 
tion for Hr Honecker to take 
part in the anniversary celebra- 


tion In East Berlin 

The West German Chancel- 
lor, Mr Helmut Kohl, said 
yesterday he wag wiHing to 
meet Mr Honecker in West 
Berlin. 

The meeting in Leipzig was 
one of several Mr Honecker had 
with prominent West German 
politicians visiting tee spring 
East-West trade fair. Mr Martin 
Bangeanann, West Germany's 
Economics Minister, conferred 
with Mr Honecker about boost- 
ing East-West German trade, 
which fell 9 per cent last year. 

Mr Honecker also met Mr 
Franz Josef Strauss, State 
Prime Minister of Bavaria, who 


was Instrumental in obtaining 
Bonn Government for 

a DM lira (£342m) loan to 
East Germany several years 
ago. 

Margie Lindsay British 
trade with East Germany Is at 
too low a level and needs to 
increase greatly, tee British 
Trade Minister, Mr Alan 
dark, told Mr Honecker at the 
faizfs opening. 

Last year Britain had a trade 
deficit of over £LOOm with East 
Germany. Exports, made up 
mainly of itiamifac t v r ed chemi- 
cals, machinery and vehicles 
and metal ares and scrap, 
totalled about £ 8 L 28 m. 


rently be handled by tee La 
Hague reprocessing machinery. 

Confirming the plutonium 
swaps, a French nuclear official 
said they were “routine.” He 
added teat tee movements had 
been carried out In “ complete 
agreement” with international 
nuclear energy agency (IAEA) 
and tee EEC’s unclear energy 
body. Enratom, which keep 
checks on plutonium transfers 
to guard against possible diver- 
sion of nuclear materials to 
make atomic weapons. 

Mox fuel loading into EdF 
power stations is due to start 
Up only this summer. German 
N-pIants have been carrying 


years, with the number (ff Im- 
plants scheduled to receive Max 
from Alkem planned to rise to 
eight in the next few years. 

EdF has reprocessed only a 
few hundred tonnes of spent 
fuel at La Hague, while German 
utilities have accounted for a 
large proportion of tee cumu- 
lative 1,670 tonnes of spent 
fuel from light water nuclear 
reactors (separating roughly 
16 tonnes of plutonium) white 
have been sent through La 
Hague over the last decade or 
so. 


Ozal to leave 
US after surgery 

THE TURKISH Prime Minister, 
Mr Turgot Ozal, will return to 
Turkey to w ards the end of tins 
month, but he is under doctors* 
orders to avoid travel and 
arduous duties for tee next 
three months, David Barchard 
reports from Ankara. 

Mr Ozal has been in the US 
for the past five weeks after a 
triple by-pass heart operation 
on February 10. His doctors say 
he has made a strong recovery 
During his absence, Turkey's 
political life has begun to feel 
increasingly rudderless and 
there has been growing concern 
over the delay in Ur OzaTs 
return. 


•TT 




The Journal. Long Valued 

For its Stories. 

And Quickly Appreciated 
For its Summaries. 


1 


I 


NO OTHER COMPUTER 
COMMNY OFFERS YOU LESS. 

After years of offering our customers more tech- 
nology. more after sales support, and more of a range 
to choose from we’re ratheramused to be able to offer 
vou less. Less than anyothercomputercompanyinfect. 

Until the end of April, buy any Olivetti person^ 
computer, and we’re now able to offer you interest 

^ phone for written details immediately. 

01 * 200 * 0*200 

oZIvettl 

0UVETT1RNANOALS6RVIC6SUD 


What’s News- 


Biumes* and Finance 


ala to support concessions from 
Western commies to solve the Latin 
American mUton's foreign-debt crisis. 
The British Treasury said that com- 
mercial baste wtD have to decide 
whether to provide new funds to rase 
the problem. 


SHV BnMtnts toadied a E&8 
griffon Ud for 23% of Imperial 
nv uh ii nm ii Gas Association's shares. 
SHV, which already has a iA% stake 
to 1C Gas. said It doesn’t Intend to 
increase te bokflng above rts%. 

* * * 

The battle tar CGCT enteeed its 
fhai piifK as « m i p,i ii»t submitted 
bkta for the French t el eyh o n^ equlp- 
meot maker. Bidders tochaft Sfe- 
nMVMt aad a U.S. -Dutch partnership of 
AT&T aad Philips. 


Exca agreed to toy 80S of RMJ 
BnliBnp for •lim* ffi minim *fta 

stoke ta dm New York firm would 
give the UX. b ro ke r age a big pres- 
ence in the UA. goreiwuem-seeati- 
ttos market. 


A Gotontis a state rf Vk has been 
purchased by aa mtidmHBed isvas- 
tor, company sources said, the bedd- 
ing Is valued at about S&l nan. 


A bid br Japan Fund assets was 
made a Diawprhar proposed to 
pay about SS3C mflUcB. The group 
includes T. Boone Pickens ID: Its 
move coaid signal similar l a ttnc t ur - 
fogs at otter d o s edtod cranny 
finds- 


World-Wide 


Amid manly positive European reaction. 
Preset offldaii taU rbUtag US. Hives* 
«bq> have strong nsenadoas shoot Oortm- 
cfceVs proposal to rid Europe or med ta n- 
wnge endear mtarik*. Foreign MUstar 
Sahnood told ua prnktenUal anas ad- 
riser Mob that tie plan could upset toe 
military balance la Bcrope. France wants 
any UX.-Soriet arms deal to be gfcflaj, he 
said. UA- aad Boris ace ndatees hdd a 
special -meatog to Geneva at which the 
Sorters presented ibelr proposal. The two 
store summed tafts tndsftoHefrr aad DA. 
necoctsiDHt said they are wnttat as a draft i 
treaty- (Story on page 24 

Gortceteti fa stdU to msef » rid . 

Bmps of stert-nmpe sadear matin 


The mate Haase saH it la w tttetewtog 
toe nomteulon of Itotat Gas aa tfireetar 
at the Cenznl mtefitgenoe Agency u 
attest request sad basal decided oa s 
rapiseamax. (Susy as Page 1) 


i-kw g{ arif [i mii Wi^ mj massive 
shate-op to wwie Hone petiwnnri. A 
ip ok e a ma a add, bawtrw*. that Wtota gape 
counsel J. Peter WaHaoo wants to leave and 
win be replaced hjr A.V. Qdvahot ta e. 
Balter's tonaer tow partner. Baker aitoarid 
gee gaa w m address the aatfoc oa TV 
tomonow. 

• * * 

Spsta r s nttrui s rt toe death af Bavgnc 
sepwadtt tedar DambgD'Itarte, O, ate 
known ss "itanh." to a ear awli 
Friday to Algeria, itnrfce operated. Iras 
France (rem UB moll last year, when he 
was deponed to Gflbw-MeanwfrQe, France 
handed over a Basque topanust to Spato. 
totagtac.to 43 the tranter el lecisr- 
bt saapeco esp e E ed to atoe tatmdtt. 


Smttdnta arid Moscow k w * *" 
tog vkhdrantnfaB its troops fretaAlgbeto- 
stan arithto & a Thai oCBriaf 

repoind m Baogbk. Ike Soviet ferrign 
tntotaer. (n talks arid) toe Thai brdgs 
mtokter, said lCosenrs withdrawal plan in 
Afgfcsatan flosid aenre as a modd for A 
Vteaamese puh-oB tram Caatfaodto. 


tv tnw Mi p-f» rose toeepfr, 
advancing two ecus against, tte 
dollar to &MS0 bom SLS480 Friday. 
The dollar, meanwhile; gained 
against meet other major currencies, 
iking to lkS7D Demscte marks from 


A Libyan mOtocy gtatt haded to 
tonOrre Egypt, carrying she a en to w of 
aimed forces who asked for 




It takes time to appreciate the scope 
of The Wall Street Joumal/Europe’s 
international business reporting. 

About two minutes. 

That’s how long it takes to scan the 
frontpage summaries of business news 
and world affairs. 

In these few moments you will gain 
a dear impression of whatfs going on in 
the business world today: 

At the same time, you can note the 
stories you’d like to read in full 

We could holdforthatlengthon the 
advantages of this arrangement, but 
we won’t 

If you want the full story, turn to 
page 1 of today’s Journal. 


* * 


THE WALL STREET JOURNAL. 


":'y >; ■ ‘:> w 


















Financial Times 


Monday March » """ 


OVERSEAS NEWS 


Deal on rubber 
prices agreed at 
UN conference 


Marcos ‘hid’ part of 
fortune in Philippines 


THE HEAD a? a HriEpptoe panel 


BY WILLIAM DULLFORCE IN GOttVA 


RUBBER -PRODUCING and 
GOBSttOias countries have 
agreed at the fourth attempt 
on the terms of a price-stabilis- 
ing accord for the *3.3tm-a-year 
(£2.09bn) rubber trade. 

Compromises reached early 
on Saturday at the United 
Nations rubber conference In 
Geneva should open the way 
for final acceptance by the end 
of the week of the test of an 
International Natural Rubber 
Agreement (Inra). 

Last October Malaysia, Indo- 
nesia and Thailand, the largest 
producers, abandoned their 
demand for e reference price 
of 265 Malaysian/Singapore 
cents a kilo at the centre of 
the price adjustment mechan- 
ism in the new Inra. 

They agreed to take the 
present reference price of 
201.66 cents, which compares 
with a current market price of 
about 195 cents. 

The deal struck on Saturday 
meets both the producers* 
claim for a floor price of 150 
Malaysian/Singapore cents a 
kilo and in large measure the 
major consumers’ insistence 
that the new Inra to come into 
force in October should pro- 
vide far greater flexibility in 
adjusting the rubber price to 


market trends. 

A breakthrough came last 
Friday when the leading con- 
sumers, the US, West Germany, 
France and Britain, dropped 
their demand that the “indica- 
tive ” or floor price should be 
automatically lowered if the 
buffer stpck, currently 360,000 
tonnes, reached 450,000 tonnes. 

Instead it was decided that, 
if the buffer stock readied 
400,000 tonnes, the price level 
for implementing a move into 
the additional contingency 
stock of 150,000 tonnes should 
be 152 cents a kflo or 2 cents 
above die floor price. 

The consumers' claim for 
more frequent price reviews, at 
12-month rather than 18-month 
intervals, was settled by agree- 
ment on a review every 15 
months. Their desire for more 
automatic price adjustments 
was also met partially. 

If the average Daily Market 
Indicator Price— currently about 
195 cents a kilo— has been 
above or below the reference 
price in the six months pre- 
ceding a review, the reference 
price will be adjusted auto- 
matically by 5 per emit, unless 
the International Rubber 
Organisation Counoil decides on 
a larger adjustment. 


fanner president Ferdinand Manx* 
and Us associates said yesterday 
they still controlled large funds dr* 
mkitnig jn the country’s Cfn " ffirn y, 
Renter reports from Manila. 

Mr Diaz, chairman of fee 

Residential Commission os Good 
Government (FOGG) said: Thera is 
every reason to believe that fee 
cronies and President Marcos and 
his tem^y were able to fade mfflir 
ans and -wnUfaww of p etos before 
they fled." 

"As a matter of fact we have been 
aHe to get hold of crates of newly 
printed currency” Mr Diaz said. He 
said he had personally seen huge 
quantities of mint-fresh SI poo 
(5250) bills which carried no serial 
numbers. 

Mr Diaz did sot cite figures, but 
said: "We believe they (Marcos and 
bis associates) still have a lot of 
funds. These are fee funds feat 
they wffl use fa fee coming elec- 
tions. These are the funds feat they 
used to stage those coupe." 

He was 





sweeping powers of seq u estr a tion, 
seizure, and inspection of bank ac- 
counts. 

Mr Diaz said fee panel's main 
task was to gather evidence for le- 
gal prosecution. “But we have to se- 
quester before we file a case and 
that is the legal objection because 
they say that we shoot first bdore 
we ask questions," he said. 

He srid dividends from seized 
shares were hrid in trust funds 
pending court verdicts. Several 
Marcos associates had made cazt- 
fessons about their wealth. He did 
net name them. 

"They are very concerned and 
afraid feat if fear names appear 
something may happen to than,” 
he said. 

The g o vernm ent announced last 
week feat businessman and Marcos 
associate Mr Antonio FWrendo bad 
turned over 70m pesos to cafe to 
fee PCGG and pledged to sur r ende r 
to pr op e rt y in New York and 
Hawaii worth another 180m pesos. 

In return, fee PCGG said it bad 
lifted freeze and sequestration or- 
ders on Mr Fknrendo's 

Mr Diaz said 


Indian express train 
derailed by bomb 

AN INDIAN express train was de- guerrillas and Skh extremis* 8 ui 

railed by a tune bomb and plunged Punjab. .. „ 

off a bridge yesterday, killing up to Acco rding to fee Fftpog 8 

25 people, Reuter reports tan covered a batteryandsevwalM 
JMttKT fuse wires near 



According to government report toatatnnmgo^ 

the Rockfart Express was derailed toaate the bomb. _. 

by a small bomb on Marodayar ArailwBy^okesznMSjddM^^ 
Bridge, 60 fan baa Tfeuchirapaffi at toast 150 metres of trade 
in Tamil Nadu state. been tom up by 

*Bn> wiping a nd Mflht nf feat another explosive de vice , ski 

the team, fell from fee bridge into son* wires had been fbumneOTtY 

fee dry river bed below. There has been sporadic poEticai 

The official statement said 1& violence rec«itiy between rwaip^ 


Hr Ferdinand Marcos 

over and above reported income - 
featfs what we have to recover,” be 

said. 

He said a PCGG decision last 
week to probe street certificates 
held by brokers was p r omp ted by 
susjaden that Segal funds were in 

describe secu- 


pfoyees, were kille d. The Press 
Trust of India (PT1), citing unoffi- 
cial sources, said as many as 25 
could have died and state-run AH 
India Radio put fee toll at 22. 

Officials estimated 61 people 
were injured but PTI said op to 150 
people could have been hurt 

It quoted KL V. Balabrishnan, 
Southern Railways general manag- 
er and & passenger on fee train, as 
saying fee derafimest was “a dear 
case of sabotage.” Tie official state- 
ment said a piece of rail bad been 
removed from fee bridge. 

fecate^hld^coveffed vital does 
at fee rite and expected to make ar- 


southernmost state. - 
The state has also experienced 

serious pretests against fee useoE 


rrroni, ug uueui himwm * 

as India’s national language trot op- 
posed by many Tamils who speak 
an ancient Dravidum Language. 

Madras, fee state capital, also 
serves as headquarters to quarrell- 
ing Sri Lankan Tamil guerrilla 
groups fighting for an independent 
homeland on fee island. Several re- 
cent violent incidents in fee state 

have been blamed by police on con- 
flicts between fee groups. 

The police press sta tement said 
“sensitive sections" of Tamil Nadu 
railways were being patrolled but 


Central Americans urge 
renewed coffee pact talks 





BY PETER FORD IN MANAGUA 

FIVE Central American 
countries on Friday called for 
urgent consultations among 
coffee producers to pave the 
way for renewed negotiations 
wife consumers on fee imposi- 
tion of export quotes. 

Economy ministers from 
Nicaragua, Honduras, Costa 
Rica, Guatemala and El 
Salvador agreed to send a 
mission to Brazil “as soon as 
possible " in a bid to reach 
an accord on fee distribution 
of quotas. 

“The drastic fall in coffee 
prices" since an international 
Coffee Organisation (ICO) 
meeting failed to set new 
quotas two weeks ago, “ is 
absolutely unmanageable ** for 
the Central Americans, all of 
whom are highly dependent 
on coffee earnings. 

The ICO meeting broke up 


Mexico suspends scheme 
to convert debt to equity 

BY ALEXANDER MCOU. IN NEW YORK 


when leading coffee consumers, 
headed by the US, refused to 
accept a renewal of fee quota 
system until producers re- 
arranged their shares and 
Brazil refused to give np any 
quota market. 

Two Central American 
countries, Costa Rica and 
Honduras, are among fee eight 
producers who supported fee 
US against Brazil. Nicaragua 
meanwhile, as fee only Latin 
American nation whose market 
share would remain unaffected 
by a quotas redistribution. Is 
seeking to mediate in fee 
dispute. 

Though Central America 
accounts for only 12£ per cent 
of the world coffee market, 
fee precarious economies have 
all been hit hard by fee year- 
long fall in coffee prices and 
the sudden slump thin month. 





[fui 





month. 


MEXICO HAS temporarily sus- 
pended a scheme under which 
foreign creditors can convert 
debt into equity in Mexican 
companies. 

Mr Adolfo Hegewisch, Mexi- 
can Under secretary of Com- 
merced told a conference in 
New York on Friday that Fin- 
ance Ministry staff had been 
unable to cope with a flood of 
applications under fee scheme. 

Some bankers, however, be- 
lieved fee suspension was de- 
signed to put pressure on hanks 
to complete their 
to a $7.Tbn new loan, part of 


the rescue package arranged 
for Mctiwi last year. 

Signing of the loan is due to 
begin on March 20. It is 97 per 
cent subscribed, but this leaves 
many small creditors still to 
come in. 

From znid-1988 until fee sus- 
pension, Mexico had been can- 
celing loans at the rate of 
about glOOm a month through 
conversions under the scheme. 
Mr Hegewisch said feat this 
year 132 applications had been 
received by midvFebruary, and 
feat there was not sufficient 
staff to review them. 


Ecuador ‘unable to service 
debt 9 following earthquake 



«KBqnMh*|l(t»*fcirfS0i*Mlc4gkBNBSZAinKie 


Preliminary results and declaration of dividend 
for the year ended 31 December 1 986 


A. SUMMAJOSH) GROUP BMANCESHBET 


OnfiafT *»d pr e fe rred orfwary abate capital 
and share preunm 

Preference share capital and shnepremfan 

Noo-dbhibiitabte reserves 

Ptefrfhutabte reserves 

Interests of shareholders of Liberty Life 
Assoc ia tion of Africa Limited 
Interests of minority sh ar eholder s a 
sabsMaries 

Total capital and reserves employed 

Lo n e-ter m fatf i tira 

Lifefmfe 

— Actuarial liabilities under unmatured 
policies 

- Imestmentsuiphtses, development and 
other reserves 


A SUMMARISED GROUP INCOME STATEMENT 


Net pressman incom and 



Net income from Investments and 
suhry income 

To tal income 

Net taxe d staphs 
Dividends ob p re fer ence shares 

Net taxed sophs attritertaUe to 
onEnary and preferred onSury 
shareholdm 

Namher of onSnaty red prefer r e d 
ordnary shares in issue (floe's) 
W eig hte d wnbeof shares an 






LJL- 













rm 



ECUADOR yesterday announced 
ft tough austerity pragranane 
and neaffixmed its decision to 
suspend debt payments to 
private foreign banks. 

President Leon F-efrrea 
Cordero, who has in fee past 
made debt payment a matter 
of honour, said daring a visit 
to the zone hit by an earth- 
quake on. March 5 which left 
300 people dead and disrupted 
the economy that fee country 
did not have fee funds to ser- 
vice its $8 Jfiton debt. 

Presidency Minister Patricio 
' Quevedo announced austerity 
'measures including budget cuts 
of up to 10 per cent, a freeze 
on hiring government workers 


and redactions in salaries of top 
.officials, anetading fee Cabinet 
and President ' 

~ An Information ‘Ministry cook 
nxmkjue quoted, fee president, 
as saying: * We have to ratify 
this suspension ... . on debt 
service to fee private inter- 
national banks because 
physically and materially we 
don't have (the means) to pay. 

“Tm not ashamed to say it, 
feeze definitely isn’t a way to 
pay,” he added. . . 

In January, Ecuador suspen- 
ded payments to private foreign 
banks, which hold two- thirds of 
its foreign debt, because of a 
slide in fee world price of c-fl, 
Ecuador's main export J 


Indian 

president 

attacks 

Gandhi 

wSton toMr >■ 
fo£ In®** jwj the Prime Minis* 

Rajiv 1 

Ser, ^rSnuSSrse* domes- 

■tic and mter«a .provides. - 
as the between 

The fte tod of - 

iSsBtotioaal wsoe. 

Relations between Mr Smgh .. 
Jr a £ Gandhi ' 

. a x A * some time ior*. 

straifl if that both n® 0 ha S B - - 
out of the public 
lias ommJ I nto 

President 

toe Prime Minister on 

“tS 9 ' letter, «P”£5j ' ‘ 
“ leaked *• to the press, ■ 

to have a profound impact in 

srjas-rrS" 


SSHre SSf£y-- 

a week, and above all, be*®*®*® 
a new President toreplac®*^ 
Singh is to be elected in^ 

Mr Gandhi P r ^ an ? ab ? c *tK • ^ 

that Mr Singh, wfca » « 1 \ - 
and was at one. tune t2uef . * 
Minister of Punjab, bafl not . 
guided the ^ oveJ ^f nent , 
fectly on the handling ofthe 

tnrorist-ridden Problem ^te. 7 

Mr Singh has felt circuro- - ; 
scribed as Mr Gandhi has ra*;.., 
only canceUed 
trips abroad and deleted para- 
graphs horn fee 3 ^? side ?£ s ^ 

^dependence UayandR^UC : 

Day messages, but 
, to consult him on important ... 

; state matterM ‘ 

convention xn independent- 

India. ^ ■ V •: 

Earlier this month, Mr. ... 
Gandhi told fee Lower House- .• 
“W© have always consulted . 
fee President on issues qf r 
national importance.” 

But the President fe« wrote - . 
to Mr Gandhi, declaring that } 
“ the factual position is some- 1 
what at variance wife what has 
been stated by you.” .'S' 

^ his twoW letter, the • ^ 
President listed instances ifeen ; 
the Prime Minister had failed - 
to consult or keep Mm briefed— / 
about important, national . and -- 
international issues. 

Call for talks :: 
onw^ilthgap 

BAZreUUDESHLPremdeiit fljbSafa 
Mohammad R^SumT P fiirf y erter- > 
day for a dlriogfe-hetterea fee 

wurtfs rife mid poor nations tomK 

sore a balanced growth dr the &6- 
bal economy, Beater reports trow 


.1. * 


fa bated ( 000 's) 
Nctbudrepteperibn 


16521 14183 

MW ce n h 406,4 ceres 


Represented by 


7272A 

6249,0 

1584*4 

119ZA 

268>3 

235,4 

1364A* 

2266,7 

3662^1 

2289,2 

394J0 

264,9 


Aoy 

324,3 

7 637 A 
184,1 

7453^ 


Government, pfalc utility and mudcipal 
stocks 

Debentures, mortgages and loans 
Freehold properties and leasducks 
Shares ana mutual fund units 
Deposits with financial institutions and money 
market securities 

fixed assets 
Current assets 

ToUt assets 

Gvrent BabStfcs 


1. IteMrttteefciwireiretteHhteftornB w tehtef rt -dreoateitelw 
Following three separate issues of shares during the year dndudtag 67,2 mBHoo 
newly created p iefei red onSnary shares! the tax' number of ordinary and preferred 
onSnwy shires of TrahsAthnlc bi issue at 31 December 1986 amounted to 
172,5 mdfian (1985; 97,5 mlffiou on&rmy jhareA Liberty Life's shereboidbig 
increased from 73,1 milTlan ordinary shares to 8S.1 million shares Gndudlng 
12 mffliod MMdycremed preferred oAnary dares). However. Ubeity Lite's ineeresi 
In the enlarged share capiol of TraftsAtlantic reduced from 75111? 49,391, as a result 
of which TnnsAtiUntic changed from subsidiary to aswodaied company stat u s. Hie 
fn watment in TrareAdantic which was consolidated hi previous-years fa therefore 
equity ac c o un ted at 31 December 1906 at Liberty life's percentage dwre of (he 
profits for the year and underlying net asset value of TransAllandc odng the time 
weighted and yearend percentage hokfings respeaiwdy. 

The effect of this fc to reduce liberty Lite’s total consolidated assets by appradmately 
R1.75 billion resulting In compensating tet te awnt m the anrounb reflected for 
minority shareholders, kwgtesw llaUlittes and anM CabrMcs. The Agues for the 
1985 year shown above have not beat restated and indude the catBo B da M en of 
Transatlantic at 31 December 1985. 

TiamAfanfc eentrok both Capital A Gaudies pfc and The Continental & tmtaMal 
TnstRjCatKffat holding a 26% WaestinSon UtetouanceSbdqrRC 

2. Merger sriA Hw ftrefcatio! AfwMoS Gompeay of Saute Africa United 

(Troden&T) 

At meetlngt of s har eholders of PmdendaJ held on 10 March 198?, die scheme of 
arranpsttnt proposed by Liberty Life te tarns of section 31 1 of Ihe Companies At* 
1 973, wfwdry Prudential wflf, with efet from 1 January 1 987, fwaxoc a wfaify- 
owned suteidtey of liberty Ifa Hes duV Jpprncd. The sdieme now reqidiB the 
sanction of The Supreme Court wfikh Is expected te be ofaiaioed prior to 31 March 
1987. 

Subject to *e scheme being duly sanctioned by The Supreme Cmi* l*erty life's 
total consolidated aseta will, with dfect from! lanuary 1987, exceed R10 bflBon. 


Net foxed sorpto per snare SOOfi cents 406,4 cents +23,2 


Dividends per ort&sary share 

- Interim (declared 21 August 

1986)' 1S0 cents 125 certs +20,0 

- Final (dedared 11 Match 1987) 21 Scents 175 cants +20,0 

Total 360 cents 300 cents +20,0 

DhWauh p er pr e te st ed o rdB na ry fe— 

•-Interim (Dedared 21 August 

1986) 110,14 cents - 

—Final (Dedared 1 1 March 198?) 30B^» cents 

Total 41fl^14 certs - ~~ 

C. NEW BUSWBS PREMIUM INCOME 

Annualised rec u rr i ng premtren focome %S1jS 132,5 +14,6 

Single premiums and annuity 

contlfonBow W13 224,2 +79,0 

Total new business premium income 553,1 356,7 + 55,1 

a PUBLICATION DATES 

Other than matters that materially affect the company's financial statements 
as indicated heron, it is not the company's practice to comment in detail 
on die preliminary results as the chairman's statement wiH be published on 
13 Man* 1367 and the annual report for 1986 will be posted at the month- 
end. 

E. DECLARATION Of RNALOWXNASY DtVH»W AND 
PREFERRED ORDINARY DWTOBtO IN U5PBCFOF 
THE YEAR ENDED 31 OECEMBQE1986 

Nodce is hereby grwn that Snail onflnaiy dividend No 38 of210 cenls per 
share and prefe r re d ordinary dividend No 2 of 300 cents per share haw? 
been declared in respect of the year ended 31 December 1986, payable to 
shareholders registered bi the books of the company atthe dose of business 
on Friday, 27 March 1987. 

7he divUBnd has been dedared In the cureency of the RepublZe of South 
Africa and cheques In payme nt thereof wffl be posted ham the offices of the 
South African and United Kingdom transfer secretaries on or about 10 April 
1987. Cheques in tespefit of the dttfdend issued by the United Kingdom 
transfer secretaries wffl be drawn in United Kingdom currency equivalent 
on 3 April 1987. Non-resident shareholdenr tax aft the rate c4 1 5% will be 
deducted fton dhridertfcwtweappUcsijfe. 

On behalf of he board 

D Gordon (Ooirman) Johannesburg 

HPdeYOientDeputyChafrman} )1 March 7987 

St AW ni te fei— Me Uuikdi rb gtnwtr— frr rnrh i irr 

Cerftd Rufotiai Limited HMSamafRgh mwl failfid 

4rhHoor, 154 Marief Street SGreencortltace 

JohPTnedMV.2001 London SW1P1PL 

PO Bex 4844 
johannesbug,200Q 


Du Pont drops Taiwan plan 


BY BOB KING M TAIPH 

DU PONT of tiie US has 
dropped plans to build a con- 
traversal chemical plant in fee 
central Taiwan town of Lugang 
after fee company failed to 
reach agreement wife towns- 
people about environmental 
concerns. 

The retreat by Dn Pont 
follows months of dispute be- 
tween officials supporting the 
3160m plant and local people 
and officials opposing it Just 
a week ago, demonstrators 
, demanding an end to fee pro- 
ject, confronted riot police fori* 


half an hour before dispersing. 

Du Font officials had consis- 
tently wwlnhiinri feat fee 
plant, which was to have manu- 
factured titanium dioxide, an 
industrial pigment also used to 
nuifcw white rubber and certain 
plastic, would not pose an en- 
vironmental hazard to Lugang, 
a rural community which is fee 
site of lftmdreds of historical 
and cultural landmarks. The 
company had earmarked 320m 
of its planned 3190m investment 
for pollution control at fee 
plant. 


Johannesburg 
II March 1987 

PuiRd rtagfriw tr— frr rnrhiirt 

mSaraurffagbtaulfailed 

SGneneoaiftacB 

London SW1 PI PL 

m 


"What is heeded ft a tnpeerted 
move on fee part af afl of ns,” he 
told delegates as he opened an 
Asian ministerial .meeting of the 
Gnrip'cf Hr whidi was'faanded to 
i express the economic views of <te- 
v^pmgeotiBtties. • 

“ft wiE be prerient to taka right 
steps now ta negotiate >..*» fast 
we can jotohy pan oonelvee out of 
theytirfrtoool of the global econom- 
ic crisis," the president sail V 
More than 10 6 deleg ates from 32 
Asian aitfl o n s, fnefa d na g 14 mfais- 
tos, are attending the three-day 
meeting hilled as prep ar a to r y to a 
fnD G-77 meeting doe to take place 
fri Hgw wm* iwrt ii^wip y Uhjiia la at- 
tending the meeting following spe- 
cial Invite. 

Conference sources said fee 
meeting was expected to late a un- 
ited stand to protect exports from. 
Asia's poos n at ions against tailing 
prices in international markets. 

Their raco^ Tn ffrtl Ktions. to be 
known as tire Dhaka Declaration,” 
would be ratified at fee Havana 
meeting of the entire group* which 
has now a total membership of 127, 
the source said. 

A Common recommendation 
would then be placed at fee meet- 
ing of the United Nations Confer*' 
enoe on Trade and Development Ah: 
daens rion, they said. 



Notice published by the Director General of ^ feteaxnnnjhlcatibris 
under Section 12 of the^ TelecommunlcationsAc} 1 984 


P r op oi ed mo dW cottone of toe lleancw grunfad to 
British Tri e c c mm unlcoHofripto (“British T o te c om”) and 
Moicury CommunlcaHons IM r*Mm«ury^ to ran toto- 
eomraafleation syttoms. 

■f The Director General or fetecorrmSTkxrttons phe 
Diredon hereby gives notice that he proposes, imder 
seetkm 1 2 of thefelecornmurtcratlonsAcl 1 984 Hte ACT) 
to modify the Conditions in Ihe licences gr anted under 
section 7 of the Act to British Telecom and Mercury to run 
tetecommunfcMtionsystemsbyam 
each Ucehce which oMgss British Telecom and Mercuy 
(Ihe two PTOs*} to prevent the connection of their systems 
to other systems In such a way toot Smpte Resale Services 
can be provided. 

2 The definition of Simple Resale Service In Condfflondd 
of British telecom's Licence and In Condition 42 of 
Mercury's Licence is six* that the provision of Centrex 
type faculties by either of the two PTOs would have the 
effect lhat some customers to whom those fodfflieswere 


pravtdedwsxddbfeprairicflng'SrrpfeifesctoServtees.'The 

purpose of the proposed modtflcdttons is to remove this 
unforeseen Inhibition on the provision of Centrex typo 
tocWes by the two PTC® so as to.lmprovelheqijafltyancl 
variety of fetecomniunkxittbn services which can be 
provided. 

3 7he Director is required bisection T2£ZJ of the Act io 

consider ary represerrt^^ ar Q ' 

mactecaidarenofwfltocR^ 7T 

4 Anypersonswhoselnferertsareliksfytobeaffectedtv 

the modlfteatlansi and who wish to mate representations 
or objections tn respect of afl or qny of them, should do so 
In .writing to Mre Jane Humphrey* OFIH* Afionttc HolmL 
HotobmVtaduct London EC1N 2HQ (stafina their inte^. 


cndThegiDWiqs onwnicntheyvrishto make represent 

Item or c^fec^or^ betore' 24 April T987. Copies of the 
proposed morSflcattons may be obtained from ofiel 
( telephone 01 -822 1623), UMBL 







Hines Monday March 16 1987 


‘YEAR DIVESTMENT 


PROGRAMME 



to sell most 




PY STSVEN nmat IN SNGAPORE 


JPWtntetf sand ***“« «mwetttton 

Paa- recommended a mSw . Privat e sector. 

Privatisation programme^tSf has been 

Place SraduJiy^^l™ ™ Snuliuaiy to redace its 

decade. a «*t teldtegs In the corporate see- 

JSSSESL^i “lied for the. ra Singapore AfraSe. 

* .41 Stogapon, «««. DeXpmiSf toS«r£ 
««»■ SS k ^* n l_J in sapcre -Nation 

St«g«S *w further Preparations are wen 

TO for the flotation of 
statatoiy boards, an operating company for . the 
gm S&2 8 **“ Publte “^.raass rapid transit system. 

aS^r-^?*4 t* 6 Port of «Port, however, is the 

md the 11181 comprehensive effort to set 
«v« Aviation Authority of a 8C °P e for the programme and 
Singapore,... - reconunends what it calls a 

policy of “robust privatisation” 


*m&S&£EtiS3 is ^jgM Bnsai 

gSffaras HlfSpk" ms 

between SSSSOm hud s*r!»w« aa is feasible. 

(£112m and ajS n) of ^ The says that the 

shares anhmily for lo^l^S ®®t adopt 

Tatois owrttfl W ErL?*. - specific timetable for direst- 
Sd”phrelde meat, -bW rather calls on an 

fmrfSSS^SSiSP^Sf 16 ® “““P'reics Involved to begin 
eign investors as welL immediate preparations for prf. 

_*ac .r eport calls for the Tsstisattoii and to allow market 
Government gradually to rednce rnecfi a nf a ms to introduce the 
ite bolding in Singapore blue- necessary staggering of offers 
chip companies sadh as Singa- ta order to prevent market in- 
***** Airitote, Keppel Corpora- dl »^ tian - 
tion, -the Development B ° nlr of 1116 committee recommends 
Singapore. Sembawang Shin- h ? ldin 8 back on the divestment 
yards, and Ktntm. rw; Ju °f companies that have foreign 

government participation and 


yards, and Neptune” Orient 
Lines to SO per cent, whOe eas- 
ing limits Currently placed on 
the foreign ownership of com- 
pany shares. .’. .. 

The privat isa ti on -p r o gram me 


companies in the Sheng-U 
sn^P, which are defence re- 

The report highlights as a 
key problem the succession of 


wtxnlrf be dftrign^T jk ■ «S T *** Prooiem me succession of 

5“ management in the companies 
Govmmnient ont of commercial concerned, and olbftr ” 

gradual removal of public ser- 
to be undertaken by the public rants from tiie boards of com- 

JhTsE P“ies earmarked for privatisa- 

tbe-Sagapore stock market, and tkm. . ■ 

SHIPPING REPORT 

Tanker activity rallies 

BY TERRY DODSWORTH, INDUSTRIAL EDITOR . 

TANKER activity rallied last .scale, points. Fixings from 
week from . the low. levels of Nigeria were being quoted for 
recent months, mainly driven- 120,000 tons at between World- 
by a recovery In North Sea and 'scale 37} to the United Stat 
West African business, . -along 
with an upturn in the .move- 
ment of r efin ed products. 

; A variety of charterers were 
involved .in : fixing medfum 
sized tonnage from uK losing 
terminals;' according to Gal- 
braith’s,-. the . .! London " ship-: 
brokers. Prices quoted were 
between Worldscale 85 for 
664>0O tans froju-SuIlom Voe to 
TfaHtn, and WorWscale'77}’ for 
80,000 .tons of ccude on the 
Shorter haul to North European 
terminals. -- ■ 

■ In West Africa, rata moved 
up approximately five World- 


Worldscale 40 to 
Europe, and Worldscale 42} to 
the Mediterranean. 

in dry cargo, the wed: saw 
a continuation of strong activity 
on behalf of the Bosaans. With 
this prolonged interest in 
Panama*- she cargoes, which 
has been 'going on Air two 
weeks, prices- on the Atlantic 
were posted well over $8,000 
daily. 1 • " 

The Chinese . also generated 
strong demand last wed: for 
grain shipments from Australia, 
with rates also going well over 
$6,000- 


World Economic Indicators 

RETAIL PMCB 

inw = no) 



Jan-tJ 

Dec. W 

Nov. 8* 

Jan.S4 

% change 
over 
previous 

US 

13&2 

1343 

1M.D 

13X2 

+13 

W. Germany 

raw 

120.1 

1193 

U1A 

—•3 


16U 

1*33 

. 1633 

1604 

+2A 

Italy 

20*4 

• 2048 

2043 

WT.9 

+-.1 

Netberbada 

1213 

1233 

1233 

12X4 

-03 

Befgtam 

1423 

1423 

142A 

1424 

+03 

UK 

MM 

14»J». 

143 

1443 

+33 

Japan 

1145 

IMA 

1143 

1154 

-03 




Scare* (except US j: Eurocrat 



MHA is planning to 
build its firetNureing 
Home to meet the 
urgent needs of the 
More Physically 
Dependent— 
a completely new and 
challenging extension 
ofMHA’scareforthe 
ekterty. 


EVERY £1 YOU GIVE IS WORTH £2 


, care for 32 old peopfc mafion.A 

tiriytxjugnttne 

ssssi ssassffit 

VVb pto to complete h two 

So&isalong«ytogo^ 

time bshat Vtorwediwtegto 

tateMHAcare inihfenwf<&«atoa 
Ptease&venorandso 

Redouble. 


ffrMHAI 



IfflSttSsa. " 1 





OVERSEAS NEWS 


Co mmunis t Bengal offers a welcome to foreign industry 

John Elliott reports on the uneven development of West Bengal 


While the world has been 
watching Soviet and Chinese 
leaders grapple with pramnatic 
economic and social approaches 
to Communism, a 74year old 
Communist Chief Minister in 
the Indian state of West Bengal 
has been preparing for his 
government’s expected re- 

election later TMs month to a 


third term of office. 

The Chief Minister is Mr 

Jyotifisro, a lawyer who learned 
his Communism in the gentle 
1930s atmosphere of London’s 
Inns of Court 

Daring the past five years he 
has successfully donned the 
mixed economy clothes of a 
social democrat and has 
bis Communist Party viable, de- 
spite India’s alien environment 
of strong religious beliefs and 
caste-ridden hierechical tra- 
ditions. 

■ He has become a favourite 
of industrialists because of his 
moderate investment and labour 
policies and has helped to slow 
down his state’s industrial 
decline. "We have confidence 
his government would not do 
anything to hurt you,” says Mr 
B. M. Khaitan. a leading busi- 
nessman. But Mr Bare has also 
retained strong support in rural 
areas where he started poshing 
through land reforms when his 
Left Front coalition govern- 
ment was first elected in 1977. 

HO hag, however, failed to 
awta» much Impression on tire 
critical problems of the over- 
crowded dams and teeming 
streets of Calcutta, West 

Bengal’s poverty-ridden capital, 
which still displays behind its 
overwhelming chaos and poverty 
saute of tiie faded grandeur of 


the former capital of British 
India. 

Mr Rajiv Gandhi, India's 
Prime Minister, hopes to cash 
in -on that failure and improve 
his Congress I Party's position 
when elections are held ia> the 
state on March 28, even though 
he has fettle chance of winning. 
On the same day there will also 
be elections in two other Indian 
states — Jaumrn and Kashmir in 
the north, and Kerala In the 
south — and the results will 
affect Mr Gandhi’s standing at 
a time when he has been facing 
increasing domestic political 
problems. 

Mr Gandhi is making four or 
five election tours of West 
Bengal, where crowds have 
been responding web to him, 
although there » widespread 
criticism of his handling of agi- 
tation by tiie Gurkha community 
in the north of the state. His 
tours, coupled with urban dis- 
jUusionment over the Left 
Front’s performance, might win 
Congress I more than its cur- 
rent 56 seats hi the 294-seat 
state assembly. Mr Basu’s Com- 
munist Party of India-H&rrist 
(CPIM) has a dear majority 
wMh 166 seats, as weH as about 
another 60 from its Left Front 
coalition partners. 

Nearly 60m people live in 
West Bengal, which makes Mr 
Basn’s CPIM the largest popu- 
larly elected Communist govern- 
ment in the world. But the 
ethos of Communism is diamet- 
rically opposed to India’s strong 
and pervasive caste system, 
which defies any notions of 



equality or working class soli- 
darity. It is also a contradiction 
for snch a religious country, 
with its dominant Hindu faith 
cdns, in West Bengal, a strong 
Muslim minority. 

Communists have ruled in 
only one other state, Kerala, 
which with West Bengal is one 
of the most literate areas of 
India. The common factor is 
that both states were affected 
more than other areas by early 
Western influence — Kerala 
from Christian missionaries, and 
West Bengal through being the 
seat of the British government 
from 1772 to 1911. 

Bengal also has traditions of 

revolutionary fervour, some- 
times violent, plus an intellec- 


tual independence, limited caste 
influence, and an old middle 
class — known as tiie Bhadralok 
(gentle folk) — which became 
disillusioned in 1911 when the 

capital moved to Delhi and Its 
source of riches and status 
vanished. The Bhadralok parti- 
ally provided the intellectoal 
base, while early industrialisa- 
tion, which only came to Bengal, 
brought some trade unionism 
that- enabled the CPIM to bund 
up an urban organisation. 

The Congress Party lost its 
main left-wing strength in 
Bengal before indepe n dence, 
leaving a political vacuum 
which the Communists later 
filled, capitalising later os 
infighting and ineffectiveness in 
the . Congress Party which still 
continues. 

West Bengal's first left-led 
state government came to power 
in the 1980s. It sparked serious 
labour unrest, accelerating toe 
area’s industrial decline, which 
was worsened by appalling 
electricity shortages, and other 
infrastru cture problems. The 
state has become the home of 
many of the country’s “sick 
industries.” 

Mr Basu’s first Left Front 
government, from 1977 to 1982, 
did little to tackle these prob- 
lems. although it did implement 
national land reform legisla- 
tion much faster than Other 
states and since then has im- 
proved local government rural 
education and water supply. 

On industry, Mr Bare changed 
dramatically after be was re- 


elected in 1982. apparently 
accepting that his previous 
approach would lead to elector- 
ally ^winging economic decline 
rather than growth. He adopted 
a pragmatic approach, saying: 
“We cannot get fundamentalist 
Marxist change unless we have 
power at the centre In Delhi. So 
we have to have a minimum 
programme, not a socialist pro- 
gramme." 

He publicly appealed to 
multi-national companies ■ to 
invest in “joint sector” partner- 
ships with his state government 
and is credited by all indus- 
trialists for helping solve t h e ir 
labour and other industrial 
problems. 

“The last five years we have 
had no problems with Mr Basil's 
policies, which are conducive to 
industrial growth,” says Mr 
Rajiv Kattl, a young indus- 
trialist whose Nicco group has 
maior expansion plans. 

“Mr Bare is prepared to make 
toe moves that attract and con- 
solidate foreign as well as 
local investment This state is 
probably as good as any in 
India for investment— ell the 
others have their own prob- 
lems,” says Mr Hugh Faulkner, 
a Canadian who has headed 
IndaL Alcan's Indian offshoot 
for toe past three years. 

Electricity shortages, which 
used to involve power cuts for 
several hours a day, have been 
almost eliminated by doubling 
generation capacity to over 
3,000 MW, plus improved man- 
agement and maintenance of 


transmission »nJ distribution 
systems. 

Offshoots of foreign com- 
panies already in West Bengal 
snch as Phillips, Siemens, 
Alcan, Unilever, and GEC are 
expanding their operations, and 
local Indian industrialists such 
as the Birla, Goenka and 
Kbaitan families are starting 
projects instead of moving 
elsewhere with their new in- 
vestments. Electronics is slowly 
expending and a Rs 12bn 
(9900m) petrochemical plant 
should lead to further new in- 
dustries. 

But no outsiders have yet 
come to West Bengal with 
major investments, and there ia 
considerable concern about 
whether toe pragmatic policies 
would survive after Mr Bare. 
Progress is also hampered by 
general administrative incom- 
petence in toe state govern- 
ment, by continually worsening 
road conditions, Izida's worst 
telephone system, and general 
urban decay, which Mr Bare 
has not tackled. 

West Bengal, however, does 
appear to have benefited from 
having a party is power which 
believes in change, in a country 
which usually resists anything 
that upsets the established 
order. 

The Communists are not too 
unhappy either. Even Mr 
Ash ok Mitre, an international 
left-wing economist who was 
Mr Basn’s Finance Minister 
till he resigned in frustration 
last year, says: “At least we 
have created some mischief 
which is spreading— people are 
more aware of their rights.” 








mm 




V h fet tz 

b° <d 

. -t 



v k*S‘*. *%. * v i* %' 

>Vs VJ-ArV . 

atmrtDoc^sen. $>ecUmsat$ fyot 


J Sfc^ slaube, boss &er 
Btan&ort Crffocfc em weeetfc 
bfestz l&itmic&img 
bet0«fe«gen 

r A • •: ' : f • •* u r :^L^e j 


l-yy*- -• • v*- . 


1 


IF TOU HAVE ANT DOUBTS ABOUT 
MAKING MONET IN BRITAIN. SEE WHAT 
FOREIGN INVESTORS HAVE TO SAT 



■ Contrary to what the media wotddhaveyou believe, there are 
some areas of British industry thatare doing very nicely thank you. 


video cassettes and floppy disks from their so acre site in Telford \ 
recently announced an increase in production and turnover that 
exceeded all expectations. 

Bischtf & Klein, the plastic materials numufacturers, reported 


Similarly, over 70 multinational corporations based in Telford from as far afield as 
New Zealand, Taiwan, the USA, SwnzerUmd,Japm, Sweden andFrance, are working 
to full capacity, expanding their premises and increasing their worfforces. 

At a time when the British marketplace isgetting tougher by the minute, logic dictates 
that the reasons behind these phenomena should be carefully considered^ 

In terms of transport options and access to ports, airports and motorway and rail 
systems, Telford can hardly be bettered. 

Its factories, offices, workforces and financial incentives are second to none . 

And, when ^comestogettmgyosnprcfeamovhg, the IdfordDevefopment Corporation 
definitely comes into its own. 

Of course, we’re not suggesting that your decision to relocate should be made on the 
basis of this advertisement alone. 

But you do have a choice. Tou can follow the examples of Maxell, Bischcf &Klein, 
Westmghouse, Ricoh and Toshiba and manysuccesffidBritish businesses, and telephone 
CbrkMacfatttme^6i3i3ifirtMrei7ffininati on. Or you can turn the page. 

TELFORD DEVELDMFXT CORPORATION, PRIORSLEE HALL, TELFORD, SHROPSHIRE 712 9NT. 


SMrtiHQoAScajr 


qn^ unden BaYIPft 





6 


THE MONDAY PAGE 


^M *^*** 18185 


,r-w~ ilNALLY," says Prince 
»■ Ll ’Painte r of MOMCOi V® 

FSTbeing taken sen, 

sss-rS^SS " 

laraerMan London's Hyde 
KjSLand that *« ff“*S2 

place for shadypeopte. 

*^nneea Victoria, when mb 
. riSSSd on the Bivlera, wj** 
Sdg^heciinuins'g^ gg 

ShiSftwberviCTrv^tshe 

took to he a den of frivolity, or fra 

^Twould like to he reman, Jg 
tuirMf as the person who cor* dm 

SS^MF&S^S s 

image and had tegeno gel 
Sfc g? been bis “ 

srsffiiVESli s 

851. <53» of tourism snd M 

SaSfBggg S 

gfes* s« : 

Sn t «f the state’s income. te 

ce 5iSber 

sssssee 5 

sfehftsSS s 

i 

^abliSS 0-2*S “ < 

Monaco will go on paying ^ 

“l^Prtlice admits, however. , 

*2fti55« c S?3 £ '■ 

sssr .ssisyr-S : 

SHe^StabUshS 1 ’ 

mrajags 

rS'*® 

don’t wdesih 

*®£ bo took o«r from his 

ss?Stea 

which still accounts for at least 
« oer cent of gross domestic 
product “Tourism is a very 


interview 


Postcard prince 


Pqinipr teUs Pool Betts that jrejg 

pleased with Monaco's new image 


fragile “d^ctaa^tadMtar- gj 

gasi^i ™ 

activity. That cut 75 P«^f JJ wb 
80 per cent of our American ^ 

SgffeKS 

asss*® - 

SS.'Sl WL « — • 

titl It n has been ®ecros«y to Pi 

transform MonaOT ^d Monte- 
cu-lo from its status aa a win- 

S?resort whose PWeng^ 

1 ssssss.*3=f?Br: 

policy of SSa^^wmttojJ v 

\ 2=^rJH2sS 

E “carefully chosen becauM we 
s j- n r. want to spoil the place, 

i “upWie. transformation to 

1 "cSfrtvious fnrther doveloo; , 

•guess’ 

£ Sf^.^iScowbidb 

t sajj^vrsa JTdft 

£ ri 5'% K dio in the interest 

2 & “flTlSS* Govcrmnent, 

s yEsrsfflfSs 

SSf^SdSS' trying ttg« 

■ gffl’gg’Sg.y*" 

ith jrsfffvStfysfe 

«■ aivrtsw-s** 

sfifaffS"* 
IjEffiMBrt 
g gSs»aw 


trolled W,*™* Gov- 

sgStgpj^wftgfa 

S^SoSon prise » i sememe 

^hmMls.- he 
^ n mva channel has a tolv 

dpahty and the cOte. 


§ PERSONAL FILE 


arraign *""** . 01 

Valentino**, «*"**“? 
Baron d* OahrtMt, 
£Sf du fcS. MP« jf 

£S3 r«i<V. Sir* d* M-t.£non. 

r £'jp.. »sa tas 

JT!S»5 eSL 5 

■ajpfutf®,* 

Married Ktrcn Grace aw 
££ Cr» MM in « 

aeddent. 


ah the Prince’s ambitioM 

A r*tfSS3 

Sdy to be mrnny and affluent, 
it needs to be safe. 

“You can walk home safely 

sCSSgfeS 

*£&•££ WtefiS*^ 

SSnseives up. "X want to make 


gore Monte-Carlo keeps its per- m 

soaality and its pp* _* w ^2 

“I certainly don't want to 

Bee in Monaco some of ™e he 
tbSigs I saw inL*J Y 6 ^* Jl **5 
wasvery depressing M wit 

people tavrtieeldiairs under th« fo l 

slot machines.” . we 

He also tb tnfcB that Monaco s tiu 

skShieSsTSicte 11 *e j 

PST* Space has always fe t 
wn anroblem. Bufldinfi wfll thi 

g SE^S^^ld jodh^^o 2 

-j 

buildings any m°re- o71 «,« 151 

Surely, though, *“ . to 
Prince’s ttS « 

BLSS?f«2*»SLji - 

try to suggest that Monaco Is a M 

■ Sc” WhSe you can be enter- 
£d and whereyoucm vmrt is 
! The great thing to remem^g a 

- Oat £ Monaco there are 18,000- F 

r 20 000 salaried people who ^ 
8 mark, out of a total « 

B ot M.000. That is a very bifib a 

e ra 2r 0 j” nrft also has a strong 1 

, oSoity hS-.^e s ?J^Si f 

* SSm a first division fooftaU f 
u, club and a symphony orchestra? t 
^ uim. b football team is a social 

* nwessSTeven if it is egg- j 

- ^jS^ButtlienwedonoJ . 

. S s . B ^“SnV« 

- on mme pacific ende.r- 

®* ou»Tlhe Prince explams- 
“*• °vmie Monaco contmu« to 
attract the rich and peih^ 
** Sven^ more, the nonveaus nches. 
w i. nicn n place were many 
“J Jrdhuw folk Uve. About 3,000 
So Italian workers go m eve |^ da J 
?i® fo work on construction sites. A 
g S£ta> population is e^ 
jg ployed in the hotel and casino 

. bt ^eM*s«l8° atarseea friM 
S! Daxby and Joan Population- 
fch sSS markets nesUe among 
S the skyscrapers, a fw ojti 
fishermen stUl mend nets near 
the hig yachts, and you find tto 
ake same small cafes a* ^ ajl ^ 


French city. On the hillside of 

ISJsoieU around Modmo there 

^ JT& w £*3 

^^^nadiroiiism or »V : 

also continues «a » «*» » ^ 

S TsSTdlefSProyal 

drama. _ 

The most momentous event 
ws probabiy the tragic dea^ 

in ! car aeddent 
GrMe In 1982. Since tten toCTfl 
hSbeen Sequent speOT^tira 

St the Prince, 

■ M in May. is r^dyto mag 
way for his son, *rtox *}»«£ 
i People make too muchofiL 
i be says about tte jmcwasaon 
t Sue7“Albert sits atmeetmgs 
! with - the government ae 

* follows tbroud* _HWS3!‘ 
we have agreed with each other 
s that he will take over when h 
s feels he’s ready and 
s feels he knows the organdsation. 

11 ftTwctenuhowawtite.^ 

P when I also feel he_ ia weu 
» aimed to be in the positioiLir* 

U a sort of mutual agreement 

Since Princess Grace’s derth. 

_ the role of “first lady appears 
16 + _ have been assumed W 
Princess Caroline, the 
at -ijgy daughter, who is married 
1 to an Italian businessman. 

* Meanwhfle, Princess Stephame 

E XSSSSSSBiS AS 

$ ssLTSffysja 

s 

ifih -loo B fashion designer and has 
laundieda line of headwear 
>ng -prince Rainier Mows a 
fin- fatherly pride in bis daughter's 
»U gSlSf Sd musical adue^ 
tra- Sinta. although he suggests she 
rial pgjbaps “ dived in ” too 
lUy. 5 ter singing career and now 
Beit nefidB gome serious professional 

training. M 

*«■ The Prince says “you 
our used to " the level of P^ 11 ^ 
eflW ‘ S this tomblnatoon ofpop 
culture and a 

5 to family traditions attracts. Lake 
tops other very famous Pf^®- 

ihes, ever be finds it hard to renurin 
aany about the 
1,000 which invent the scoops 

<w 5“ iwx^ 

js. A photo lenses. Throe scthum 
em* sheets are the mort harmJ^ 
udno because a lotof^Pj^S^ 
them. If you *“-• 
intrlc person if he r «®£® 

ition. Dimandie, the answer is 
tnong And yet they know the 
old exactly. So they must have 
near it and they then exjdamjhey 
d£ hawTdone so at the dentist or 
any at the coiffeur. 



£ 


(jjr e ® 

late f 


aS^Vi *tp* 

* *f — sCli • 

i r; 










?***&■''*. 
j &',*> rf* '■* v 

r£*7 
-j,. 






- t yr. ' . - !■•■ - 


•SSTL^s:-.-/ 


f' ■" ' •'■ 



sSi,y*=v.:u- 

5g.r=*- i: - 

y®. 

- 

:$T- ’ 

* 


. • 


Eatlog 

topro’ 


ITStffW*' 


tr. p a -v 

'SfflipK.r-s 



st» ^ I 

Wrt •SV-. 


Where there’s a w 
there’s a crowd 

. . nnomtcfl 


NYONE who believes 

.7 TjlhOTir 


A Mat the BritiM Labjmr 
r\ Party’s industrial policy w 

^v r ?SlS5 ! 

ras^itsga 

g^^Utic^rt-r H due to t 

rise again- . «_ ‘ 

Indeed, those parts of »r ^ 

HesdtM^ new bo^entiti^ ^ 

■Where T ? ere *5dnsc Kitish ; 

°more competitive : 
uvdujsUy _ been written 

£S, U T d «i2?rt t T?ade and Industry 
So^^ohnSmiM. Wit- 
ness de m a n ds for. 

5a^Ts«3 

' ^ a diminished Job for the 

lsr£tt&r 4 . 

g £L S frmSA while dmm^ 
Jf industry as special 

Si* An* enhanced role to* tim 
• An KUU ^ nnnTnie Develop- 


certain lack of jpredston jj & 
defining how planning will 

• Special emphasis on maintain- si 
SfthcstS. care and aerospace a 
StSS. wSchSe regarded as fi 
to Britain’s remaining an e 
advanced economy; and 
O An enhanced role for t 
government mwurernent in sup- i 
port of industrial policy. 

SiSe is. of course. Me odd j 
difference of nuance. I dowt, 
for erample, whether Mr SnuM 
SSuSbi sympathetic to Me ; 

^rdSdustrla 1 

S^^beforfteUttlOM, 
what monetarism was^ for ttae 
Site 1970s? And 

amices such an idea PoUtically 
saleable in the first place? 

The American writer a. 
e Mencken once remarked Mat 
o for every complex problem 
h there is a^olutionwWch isnro^ 
sr plausible and wrong, wnere 
d economic poUcy 

politicians have elevated, this 
le p?r£ptlve tittle aPhorJsM^g^ 

P- Stegorical^ratire. In 


being operated bjr a Labour 
Sanceltor. Mr Denis Healey. 

The US experiment wlM 
supply side tax cuts is a more 
simple version of the 

There is noting m 
^Smic theory to suggest t^t 
tax cuts automatically Wy . 1 ^ 

SLSSvu and, grejita^ta 
history to suggest quite otner- 
5S?. Yet President. 

Jrith a little AmenranrStyle 

marketing from Mr La«« 

his curves, in effect 

the free lunch; aMM** 0 * ^ 

excuse the soleopi, . ^the 

American electorate bought rt. 
Or perhaps it isn’t * 

for wth the budget defldt run- 

nine at well over 5150bn a 
; Srovy bill will ultimately thump 
■ down on the US doormat. 



The secret servant’s 
special relationship 

^ «... V, ircrtk* lodged ***** 


-F, as seems hi^dy prebahle. 

j the Government deeidro to 


johnplender 


neavy diu nu» ■ * 

down on the US doormat 

j$zt 

oollticiaiis. Not only does it 
offerthem a wider nwj 
knobs and levers to PUy wJM» 
it holds out the hope of a “°‘ 
tinuing world rote for Mro® 
who are having difficulty 
ciling themselves to Meu- statos 
aJa medium-sired power- It is 
also suspect economically, M 

the sense Mat all countries can- 

StSS'SErtsssar* 


Another questionable feature 
is that some very s^essfuj 
countries like Japan have Mied 
industrial policy mid made ^ a go 

of it. The cllndiing argument 

against however, Is thattiie last 
political contender togiveit a 
fun, witii Japan nodi ^ated m 
evidence, was the USPresidM- 
tial candidate Mr Waiter 
Mondale. Where is he now? 


inuuutMv. — 

None of Mia. «rf coime, Is 
intended to ^reflect oa tiie 
economic merits of industrial 
policy; merely its political sale- 
ability quotient 


A appeal . 

of Mr Justice Powell in the 

ME memoirs case,. Me focus of c 
this most intriguing P 1 ®®* \ 

litigation in the Australian 
SSSs. M whldi the absolutist 
Sums of national security**® J 
pitched against unbndled free- 
dom of expression, will shift 
perceptibly from the ewleimal 
S to? M^tantive tew- Ttareg 
lies the Government’s hop* of 
ultimate success on appeaL 
At heart the 1 s 

the nature Mid extent of tne 

confidentiality that rroidro m 
the information posses^l by 
an individual who has beenen- 
eaced in Me security services 
fni liberal democracy that P^ 
fesses the prinaple of open 

S{ Tb?^^remenrs claim fa 
based on the existence of a 
contractual Obligationjy-Mj 
Peter Wright, not to reveal, at 
. Sf r tlmeduring or 
. JS Crown servlctany Mf™®: 
I Son acquired in the course of 
\ hfa duties for MK. Had reere 
been a contractual relationship 


it appears that Mr .Justice h 
PmirpSwould have found to a 
SSSr oTthe British Govern- t 
Sent although as a matter of | 
discretion. he mi|ht not hare j 
banned publication of J 

sssrw , «*£o« s. ; 

to national security. . 

Mr Justice «wdl jj p ^J 
ably right in conriu^ Mjt 
there is no contractual reia- 
tionship between the Crown and 
therivll servant who is in 
theory dismissahle at wfla. 

. gs%s»iiVt «» “"% 

. ment-staff relationship is 
. Sssfby an elaborate code 

! 

I SSfnoThare rlghtstop^M 
r iflvr they certainly have ri^its 
t ^ public law. But U Mey are 

B now legaDy blessed wire 

i- Me law witi recog^g Matre^ 

if have public law duties. Tnere 
p J&ce Powell acknow- 


ledeed that, in the •hsen®® of 
^ ooSSctual relatl^5,’ 

sjsaa^ g.-- 

wro^me «ibligatian ^ co^ 
dentlality, they merely ■ 

h« extent Staleness in the dto- . 
do^d^aterial add lack of W 

affAtf ttjgi .’ 

SSm no scholastic pretensions, 

; gfL-JtfffSSE- 

* detriment to national s^urig 



, ic 

. i v 

It ; ■ 

2 y: rz ' i - 

__ n | V VWJ 

esssrr.*- 1 i 
•irji!-:- 
5.’, ^ 


■Jsss-zx 


and pumic iukiw j — y 

disdosure should be p r ®j®®^r 
The point at which Mr Jus- 
tice Powell seems to slide off 
£? SS la®, is Jbe eH«t 

of Me relationship of Me civil 
servant to Me Crown. Mde«i 
he thought that the ©*teni of 
fir. r7Vr5r*4 -feumriari on con- 


he thougni um " 

8aaw*tfTS?firs 


fidentiality was less tnan n 
would be in contract. ~ . - - 

The fact is that a dvil 
la in a fiduciaiy retebraoWp to 
■f«u> Ermra to which legal effect 


a fiduciary rdatiemship. . A 
existence whenever ^eto*“ 

SB-SSWSffl S 

5SS? « master and servant 

That demdti exi f 8 w1 ^ ^ 
rpiatdonahip involves Me . re- 
posing of confidence or trust by 
■one person- in 1 another. ba 

A member of ME must he 
acutely aware that his setechra 
for smv ice to Me cause of his 

^^Scurity easentidlyM. 

votres a profound sense of trust 
being reposed In him to protect 
the most jeaiously gh^®^ 
eperets of gorexnment There is 
mfwghcr degree 

tialSvft trenw^tis . ev ^ .Jt. . 
obUgMion rear ml^t he 

poS in a wrtttra contract aM 
. ia menre tmmPe B iftg 

- impact than the 
: obligation” formulated by Mr 

[ ^en&PP-X"* 

isr«BsrfsS 

1 r^«. 

■ - J years ago* the -jwjges 

this topic-Their 


CGtrJftiJ 


iPtcflw 
j *.v-:-c-‘v 
Ct»- 

-r^Z^-z 
I Vi 


























ThlstmwMncemmconyUcsv^thertqulrcmmisoftheCotmc 
h does not constitute m offer of, or invitation to c/k public to subscribe J 




Christiania Bank og Kreditkasse 

(Incorporated in the Kingdom of Norway with timited liability) 


¥13,000,000,000 
Zero Coupon Notes Due 1992 


Issue Price: 8&90 per cent. 

I he following have agreed to subscribe or procure subscribers for the Notes: 


Datna Europe Limited 


Banfegs Brest luterartiona] Timited 


Bache Securities (ILK.) Inc. 


Goldman Sachs Eatemaftowl Corp. 


MHwhMh i Fiiwpce later natloiMU f Mitsubishi TVnst International Limited 


Mitsui Brust International Limited 


S. G. Vferbuig Securities 


Morgan Stanley International 
Yfcsuda Trust Europe limited 


Application has been made for die Notes, in bearer form in the denomination of Ifefl IfiO OfiOO 
f&rJi' constituting the above issue to be admitted to tile Official List by the Council ofThe Stock 
E xchange , subject only to the issue of fee temporary global Note. There will be oo payments of 
interest. 


Extei Statistical Services Limited and copies may be obtained daring usual business hours up to . 
and including 18th March, 1987 from the Company Announcements Office of The Stock 
Exchange and 15 ) to and including 30th March, 1987 from the following: 


Caaenon&Co., 

12 TbkrahouseYard, 
London EC2R7AN 


Citibank N.A., 
Citibank House, 
336 Strand, 
London WC2R 1HB 


36th March, 1987 


This advertisement is issued in compliance with tbe> 
requirement* of the fnuneil of Hie Stock Ex ch a ng e 


Dixons 


Dixons Group pic 

(Registered In England No. 3530)1) 


Issue of op to 186,203,224 units of Convertible Stock of £1 each 
which ate automatically convertible into up to 186,203,224 Sp (net) dividend 
Convertible Cumulative Redeemable Preference Shares of 5p each 


The Convertible Stock and, subject to allotment, the Convertible Shares 
have been admitted to the Official list by the Council of The Stock Exchange 


listing particulars relating to Dixons Gronp pic and to the above securities are available la the 
statistical services of Extel Statistical Services Limited and copies are available for collection only 
from the Company Announcements Office, The Stock Exchange, Throgmorton Street, London EC2P 
2BT up to and including l6dt March, 1987 and may be obtained during normal business boon on 
any weekday (Saturdays excepted) up to and Including 3rd April, 1987 from Dixons Group pic, 
18/24 High Street, Edgware, Middlesex HA8 7EG and from: 


S. G. Warburg & Co. Ltd., 
33 King William Street, 
London EC4R 9AS 


Cazcnove&Co., 
12 Tokenhouse Yard, 
London EC2R7AN 


W. H. Stentiford & Co., 
Woodland House, 
Coliingwood Road, 
Witham, 

Essex CM 8 2TS 


16th March, 1987 


mndeTW.**** IF 


DIARY DATES 


PARLIAMENT 


Trad. »"■< exhlbWon.: UK 


TODAY 

Commons: frmnl^atkm (Car- 
riers Liability) US, second 
reading. 

Leeds: Banking B&L com- 
mittee. Motion on fee Indus- 


WEDNESDAY to the Notth Sm. YHtaase: ( ® W39 

Commons: Continuation of UK Offshore Oper at ors Associa- 2071) (wvtil jnmAuha n farence ESfeip 


jErfrfWtioa Ceatee 

April lf-16 t 


budget debate. lion: Conoco (UJLriKoom &, . 7788111, __ wUMtioa Centre 

Lords: Debate on the Cro- UJS am). Social Semes — Powder and Bulk Keosln^oe 

ham Report ou the University subject : problems - associated Exhibition— 

,»!“*“£ *£• ®"? Grants Committee. Debate on with AIDS. Witness : Aseceur £prU 1J£« 3 ^* Fair <01-940 

5***- ****** o*. to* Jtate- Je^dtoaubtheincreasiiig to of Directora of Rraal S®r- TOWa |^ < ?^, M«iaiester ^natianai 0JympIil 

trial Relations (Northern professions to vices; Association of District u vw * ** 8065) 

D^and) Order 1887. BiStoilways Councils; Association «£***£* Cycle and l^nre Apri i 17-18 FOTbi<m Fair 

Select committees: Foofign (London) Bill, second reading. Insurers (Room - 31, 4 J-5 PgV- fair— CYCUX (01-890 SJHLj- Cash and^tty F 

V Select committees : Foreign Environment — subject: _pol- * Otymjto (0 i-727 1929) HaH 

AffSwL ja*fert?cvwus. Wit- intion o£ ttvert and Quarles. wurii 24^6 . v xensInsfoR V*"* ™“ 


^ tiow aBookFair o (OW« 


Select committees: Foreign (London) BflL second reading, towers (Room -31*. f-ljj . FgV Fab-CYOJX (01-890 
Affeirs— subject: Cyprus, mt- Select committees: Foreign Environment — subject, poi- Olympia 

ness: Rt Hon Julian Ameiy MP Affairs — «d>ject : Cyprus* Wit- lotion of avert and ffiwfteg- Mudi 2426 ; 


(Room 


Puttie 


Accounts — Export Minister of Foreign Affaire. ox unwn t«wm 

Credit Guarantee Department Cyprus (Room lSTlQJSO am). Trade and Industry — agpe ct . 


; m iS5»i Tfiwr FSere hs»jm A*** 

Minister of Fottoga Aflftlreof Union (Room 20, 4& J®); Exhibition <^£225 5488>^ ***„ 


accounts. Witnesses: EOGD welsh Affairs — subject: the motor components 
officials (Room 18, 5 mm). condition and repair of privately Wltnes^s: T. L C 
TOMORROW owned housing. Witnesses: Tyres (R oom 18, 4 . 

_ w ™jV . Riverside Partnership: Con- „ THURSDAY 

Commons: Budget rtatemem federation of Buiktujg Trade CnauoiK Coot 


industry. March 24-27 


031-225 5488/ Apm show «WMM 

King** HaJL Belfast Atari Orampoter Novotel 


aSf-M S^a^l3iK3SJ£aMI ssSSts^gst 


and! debate. 


Employers: Lsiywn Borough the bodget debate. 


CsmsBMnm Conthraatton of M 


and Conference — INFO I£l- 647 (oi^sss 1200) 


Lends: RiXUards (Abolition of CounciL (Room 18, 1080 am). 

-1 *■ VS»1 - IW J .J TtoJw .v l Hi rrJklhM * 


ie tnwgec oeome. i British ^international Antiques International INTER- 

Lordas consumer Protection Sir(fxa-780 4171) . Market Snni m 

ilL third reading: Patents ■ NBC, MmtogJwm cONFEX 


Confectionery 


Patents! 


Restrictions) Bill, committee. Trade and Industry — subject : Bill, third reading; Bated 
Social Fund (Maternity and motor components industry'. Wit* (Amendment) Bill, committee . 
Funeral Expenses) Bill, thin) ness: Anjuttrong Equipment Select committee: Europe* 


April W 


Funeral Expenses) BiH, ttdnl ness: Armstrong Equipment Select committee : EarW>eait Better Made in Britain 5: Clot£ 

reading. Abolition of Douaestic (Hooml5. I i5 am). Deffence— Legislation — subject: Com- fag, Knitwear and Footwear 6. W/Lj Exhibition (01-688 
»5m(Sooaand) BiH, second subject = the irup&c&tions lor Agricultaral Policy price Bonding Components and DIY .Angto visual 

reading. Unstarxed quertiott no the UK of strategic defence- proposals. Witnesses : Rt Son (O tgll 7158) . . conference Centoe 

violent aesaniKs on worfeesrt. Witnesses : Professor Sr Ronald Michael Joining. MP, Minister, . Re mi n gto n Exhibition Centro wenwwE . 


NEC, Birmingham 


reading. Unstarred question on the UK of strategic defence, proposals, 
violent assaults on worfeexti. Witnesses : Professor SrRonaH Michael J 


Setae t committee 
Science and A 
special educational 
nesses: Vritantaiy 
Handicapped CauU 
15, 10.40 am). 


Witnesses : Professor Sir Ronald Michael JopHng, MP, Minister, 
M-aartn obalzvan of Hunting af Agriculture. (Room 15, 430 


ntttee: Education. Mason, chairman of L mting a 
I Arts— Engineering; Dr DrainUHAR, pm), 
ional needs Wit- Department of Loser Physics. 


Council tor University of HuU (Row 17, 

Iren (Room 10^0 am). Energy — stfeject: comm 
the effect of oil and gas prices motions. 


FRIDAY Current apu *w«» 

a—— jsssaaBtsac^ 

otioss. # LM Tokyo 

March 25-29 

international Spring Trade Fair 

fOl-977 4551) Vienna April 22-38 . 

April 1-4 International Computer fcOfijce 

Wire TakTO 'St (07072 75641) Automation Exhibiton— KIECO 
MtoGwMHowMUM-.w, ■ .V Tokyo ( 01-439 0501) . Seoul 

™ «nt» My ymhf ..Hrw*. Apfll 3# 

»««»=* *“ -ssasaa- flay 

WS*” 11 


Overseas 

April 16-18 


inrernaatMig* *** W T * r.v 

Tias^r Exhibition (01-940. 

Tokyo 


FINANCE 


The folkmwie fe a record trf the principal^ cos toeeg an a *-5730 
flimw-toi emagemfnus diuteg fee week. Th e board 

mainly torfeeWl*** ‘K22P * 

Indtarttoas ore nett aSwaya smteUe whether ffirifcnoe ewe anw arSe® 
are tatertms or finals. The sab^risioos shown below me band chriw *r j 

mtoly on gSST °" 

— Hoe** of ima* 


Lonrto. GraaMiwr Room, mX UM. .W, 

aWl? 0 on* MMc o otHe _-rrw* .^Saons«iHM 
Koooa. CnotOOMM Stmt, WC. 12A0 

-board hrtrnHoa — 


International Computer fcOffice 
Automation Exhibiton — -KlECO 
(01-439 0501) . f*?® 1 


COMPAWV MSP 
CntetlMinn intnl. A 

S SoARD 1 'MKETINi 




Amt A gri M 
Bcetent (WM) 
CmbrMwa H*C 
SouiVKU PMd 
nticr U»M) 
Uncnaft KlbXMir 


5K£c MldB “ 


g M pr p uui and General 

y *Dlvio£NO « IVT^RMT PAYMWT^ ^pS^oliKaiftlB 

F 5ssv TT ^ ^ 

k ? 8? 5 re. a-. «- 

SmJ “ ^H^DAY^AIICH II aeSST'ES* 

«*gar^J8S^maw LUO. 


mtenMiHoim ^narowaii «« a— hi wm 

PetiOcbenUcri Industry Exfaibi- 

tioit (01-486 1851) Beilina International Wire an d ■Ca b 

April' 9-12 PrOdlMtion •£** 

International Toy Fair— SPIEL Eiiitltion—WJKE ASIA (0K8S 
(01-977 4581) Vienna 7758) B««tog 

Business and Management Conferences 


j 


Rockwall 
sjwroen 
SonlaOb Ehm 


hMlt. HUMd. Stafford, 12.00 _ 




Transport Dor 
WPP. GTP 


Straus T« 


Wallwrf. 

uJitoJ iwSwaB^MjCapCMIl. EC UM 
BOARD MtETINGS— 


Pm'skIm Otm utd Wlborsr 

RSfSST 0 ”" ttSoTO 

DrJlDeND A iMTEREST PAYMENTS-r am*W» ■ 

**" 7Uneob jSs^B^iBsy 

iiuuiwrtc oyan Halls Homes and 

eKUMB 


Barratt Dm Research 

r— ^ 

Town CMra Saca _ 

watkar (Thomaw . , March 19-20 

W YwKsUiw Mwwdart Hwp M Ii nn f'tmfp,- 

DIVIDEND A INTEREST PAYMENTS— , 

Abtm National Bida Sodatv ntB Rata time XOT i 
Moists 1901 *283-29 BQtel 

QManOnnaii pin, oca Ftta Rata MoMa Mwrf i 20 

JSa’StST? . Shapemal 

Not., ibw aluminum 


March 17-18 April 6 „ 

Insurance and ReJnsnrance , International Business Commani- 
Researfe Group: Airline insure cations: 6th animal television 


April 89 


FT Conferences: Pensions— Ihe FT Conferences: Technology to 


Danaan W a H art aad GwM ft* 




Ratc Notes 1 
.Nam ! 


Conmlna EnMac_5S CM 


DAB invcpts eB 

Etflnburcb Imcst Tmt 
FPL Group 51 cU 


Tad 

Tamr and N r wll 


MSKPf ij 2 sm sa aaafflL 


ford Motor SJU .cM_ . . 
OT Jinan Inert Trow M» 
Honeywell so rta 
Howard Stwtterlnd M* 


WataHtord W uH ewood 
WatraooBM _ _ 


Marin MMUad Baafc Ns Rata Nofas 

4«m tlAUS 

SSraBBJsaWIn fccW IJNHp 
fwSay march as 

«««. 

it nXAS 

Drayton Far EMara Hart. 11 D a ip prt lra 

tSSST^ Dwrart W> ?tid Murray. Damme 
HpSSa Chtarafl Strpefc EC. -l6^0.j J 


Hnw for action (01-621 1356) the securities market— the next 
BOtel Intercontinental, ill Gn jears (01*21 1358 ) 
rh 20 ... Hold ItierCwttnaitti, VI 

Iferita.Hitd.Wl 

RpSBJUS. SS 

m> mm., SX— . 


Shapemakers: Designing -with A pril 9» 1Q 
aluminium (01-405 0937) •-. c ‘ *P stitut Z e . * 
Meriden Hotel, WL 5S ea ^S2 
March Hi rial services 

Longman Seminars: EEC Do- J 


ZLmZZ: l^/ir cote ante, 

prise, success and jobe-company a StoBvan Houae,,fWl 


Hutton rt. F.» H Jti 

IMM* 

THoor, c ^^*, KOvr 


Irttartaar 
Annltras Bros 
lntnl City HldflO 


cretc llosaum. Co mlt ry Road. He 

Traor of Property SkM. Mk 
1C Finsbury Ctrc ao. EC. 1W 
BOARD METTINGS 


success (01-621 1855). 

Qoeea EUakefi H Conference' 


EFTPOS--the 


aa&.’- Basr Sj.. «... 


Scftoicp (Gmpd MbwraSand Rasooreea Cm 

SkftlV I^OPO ST tav 

PAYMENT^ mVIOXMD A INTTJUOT FAYMtMTS—* 
corps FHn Rata Notas *Mt SSTnSu^, ojR, 

w^ii^Tnol Biudnaartn OJKUh, ErtfaeiMar 101 PC 2003 5%PC 


<*** ^ lua< 5-S3!?S 


Centre Veiztt, 


T& Institute lor Fiscal Studies: A?? 1 ftiaHtah » • 

The 1887 Budget (01-636 8784) SLjSS!^Siii^S%nSS 

M%ift Hatei, in <**** 


taSteTod EiMdnMHw O^Up 


AprB 1 


SUTMmSVui THeatrc, cgtotuum* r«a **• Now «M 


larasM&WsR 


£141.78 ... 

McKay SaowWaa 2a 


8S5^WaTlth«r«. MWgg B4«*» Ft*B Rat» NcAfS 


vSnSo* SacwtUM. 7, LlacoW* bin PtnMa. 

tof . Tn 

TOARO MEETINGS— 


Prim CaP FltB Rate ^ W» I ^ f 


auwML. 
Cxsamct lntnl 
janteppoa Q m a lll M 
Lalos Prop* 


1 CharWfyd NM CaP Fttfl Rate 
Notas £14233 . , 

Vantaae StcurfUaf 14 b 

THURSDAY MARCH 1» 

COM PAN V MEETINGS— , „ 

APMdon (A. and PO- CamaiwM Roam. 
Gruat Queen snwt WC 12J». 
KMnwart Charter iprat Truatv IQ top* 
church Street. EC U4S 


■ rrr. 5 (j, 

MAG Ameri can A . Ora 1-S* 
MAC I oral Growtb 43 b 
N orth Kaluarfl 1 Cant 
orai and Rnhineaw 0-2So 
Peodn* Uobnl Maata 03a 
Pfizer 45 cm 


for growth (0234 272222) 

- ' Northampton 


Cavendish Conference 


Centre, 

Wl 


Roval Bank or Cana d a Rts Rsto W 
2003 S5.104CT . 

Snltbkllae Bscknan 0.75 ct* __ 

Walls Fa too FMo Raf* Mn 2000 SSI 33 
MNDAY MARCH 22 


Yorkshire Conference Services: 
UK Budget tax (0423879437) 
Harroxate 

April 28 


The Association -of Corporate Tht Economist: The ageing 
Treasurers: Modern financial population— the new .growth 


APPOINTMENTS 


^®Niwkv jwm ■ « instruments-^tiieir practical use market (01-839 7000) 

v, " n,a *r ( 0145 1 1991). HtitouHoteL WE , ^ - «-.* HBtori Hotel, W1 

Chcuuer isinc IBM •»«* ’ . _ April 24 - ' ' April' Mr - - - 

■ The BnraX Life' Conference— NEDC/FT Conferences: Enter- 

action with communities (01-638 prise, success and jobs— people, 
4060) the key to success (OX-621 1355) 


Royal Agricultural College. Queen Elizabeth U Conference 


Re-organisation at Ward White 


Clrencester 


Centre, 8W1 


Anyone whMng lb attend any at fee above events Is advised to 
telephone the organiser* to ensure that there has been no-ctom 0 c 
in the details published. - . 


Following the acquisition of managing director of Zodiac 1980 and b now leaving to con- 
LCP Holdings and toe disposal Toys and joined the group aa central* on other business | 
of the UK retail footwea r merdundise director of Hal- interests. Two years ago toe j 
interests, WARD WHITE'S fords. Mr Ted Lansdowne is company became part of the 
senior UK retail operating also made an associate direc- gelatin division of toe Belgian > 
management has been re- tor. He is nunaging director chemical group Tessendmo 
organised to reflect toe group's of Fayless DIY and joined toe Chemie. 
concentration of activities and group following toe purchase of * 

planned expansion in specialty Payless from Harley in April The RACING POST has 

retail sectors through its Hal- 1886. Mr Ian Staples is also appointed Mr Bryan Hope as a 
fords. Zodiac Toys, and Payless appointed an associate director, director asd chief executive. He 
DIY b usinesse s. Mr Roger He is managing director of Hal- was a main board member of 


a*S fords. Mr Ted Lansdowne is 


interests. Two years ago toe 
company became part of toe 


Chemie. 


* 

RACING 


Financial Times 


businesses. 


was a main board member 


Pedder. who had responsibility fords having Joined the group Reed PubBstoing. where Ms 
far the retail gronp, has following toe purchase of that appointments included cha&ixnan 


resigned. 

Mr Christopher Wicks 
becomes an associate director 
of Ward White Group. He is 


company. 


Mr Robert Jones has been 


appointments included chaftromn 
and chief executive of the Reed 
Publishing group of companies 
and president and chief executive 


appointed to to e board of CUS- officer of Reed Interoational’s 


(INTERNATIONAL), 


worldwide extobztien interests. 


subsidiary of Paterson Zochonis, Racing Poet was launched last 


as marketing director. 

* 

PRONTOFRINT HOLDINGS 
has appointed Mr Derek S. 


April and os owned by Sheikh 
Mohammed A1 Maktmna. 

+ 

THOMSON INFORMATION 


These Bonds have not been registered under (he Untied States Securities Act of 1933 and may not 
be offered or soid in the United States or to US. Persons as part of the distribution. 

This announcement appears as a matier of record on)c 


tor of toe UK 
pany, Pronto pri 


as managing direc- SERVICES has appointed Mr, 


eration com* 


Sidney Jackson as c h a ih n w of 
Jane’s Publishing Company 1 from 
March SO when Mr BHchael GoW- 


Mr Graham. Grist has been smith will succeed him as man- 
appointed fin a n cial and con ancr - aging director at J&nefc lb* 


rial director by BRITISH SATEL- Goldsmith is co m mercial director | 


U.S. $52,600,000 


LITE BROADCASTING (BSB), 
toe consortium which has won 
the IBA franchise to provide 
three sew national television 
channels. The consortium coo* 


Hie Regulatory Issues facing Foreign 
Banks In London 

London, Aprii 27 1987 

The first specialist FT Banking Seminar tn 1987 is to lie 
held at the Barber-Surgeon^ Hall on April 27. Prepared 
is collaboration with Detattte HaaJcfas A Seals, toe Seminar 
will look at toe JanpHcati tms of foreign banks in Britato, 
of the Banking Bill and of the Bank at England’s proposals 
on internal control and accounting systems. 

Mr Geoffrey Taylor, toe recently appointed Chairman of 
Daiwa Europe Finance is to preside and Mr Michael Gabitass, 
Swiss Bank Corporation and Ur Paul Maloy, Manufacturers 
Hanover Trust are among the bankers who will be contri- 
buting. A major paper is to be delivered fay Mr Richard 
F arrant from the Baade of England and bankiiig systems is 
to be covered by Mr Kevin Lee of Baring Brothers: The 
Deloitte Haskins A Seals’ speakers include Mr Shaun Pitt 
and Hr John High. 


of Thomson Information Services. 
* 

MOTHERGARE UK has appoin- 
ted Mr John Roberson as director 


m7m, of distribution. He was wife BHS. 


vision Group, Granada Groan, 
Pearson and Virgin Group. Mr 
Grist joins BSB on March 20 
tram Balfour Beatty, where he 
is finance director. 

★ 


where he was divisional con- 
troller of distribution. 

★ . 

THE COUNCIL OF MECH-- 
ANICAL AND METAL TRADE 
ASSOCIATIONS (COMMET) has 


Mortgage Capital Trust I 

Collateralized Mortgage Obligations, Series A 
Class A-1 Bonds, Due June 1, 2017 


SMITH NEW COURT has riected Sir Trevor Holdsworth as 
formed Smith New Court Invert- btmorazy president. 


ment Services, providing services 
exclusively for private investors. 


Mr Archie McKinlay has been 


and appointed Mr David Grader appointed managing director of 


The Issuer is a trust established by CitiCMO, Inc. The Bonds represent 
obligations solely of the issuer and will not be insured or guaranteed 
by any governmental agency or by any other person or entity, 
including CitiCMO, Inc, Citicorp Investment Bank Limited, 

Citicorp or any of its affiliates. 


as ctiief executive. 

★ 

PYB TELECOM has appointed 
Hr Peter Wright as its marketing 
director. He was UK sales 
manager. Pye Telecom is toe 
UK sales organisation of Philips 
Radio C ommunicatio n Systems. 

★ 


BRIGGS AMASCO, part of the 
Tarmac Group's industrial pro- 
ducts division. He was divisional 
director responsible for Ireland, 
Scotland and Northern England, 
and succeeds Mr Ian McPherson, 
who has become chief executive 
of the industrial nroducts divi- 
sion. Mr Brian King becomes 


European Banking 

Milan, May 18 & 19 1987 

After a two year interval, toe Financial Times is sponsoring 
another European Banking conference in Milan on May 18 
and, .18- The 3887 forum also incorporates toe traditional 
FT Euromarkets conference held each Spring since 197ft 
Italy end developments in .the country's economy, financial 
and banking systems forms the principal theme of vw* 
opening day and an ttseUent list of speakers has been 
secured. Thm include* Dr Nerio Neri. Dr Mario SctombenU 
and On Giovanni Gorla. 

ttra second <tay Is devoted primarily to devriopmedts in 

reference to Euromarkets 
issues. Mr Win Biscboff, Mr Richard Le hmann Dr Waadra 
Rosso; Professor Alfred Stetoherr and Aw «» rm d'Urso 
are among the contributors on the second day. The Chair 
g to be taken by Professor Mario Monti a ad Mr Jack 


The previous Milan conference given, as this year’s, -wife 
toe support of ABL was the 

^pro^^^^equally interesting and well ^tended 


air Barry D. RmusO baa been aaaigtant. maaEgtog direc tor and 
appctfMMto toe board of BTR. directOT ’ 


HewIU wKeed fir Noman at Briggs Amasco. 


March, 1987 


Ireland as finance director of 
BTR on April L GRAN 

+ appoint* 

Mir Ttaat^ n Anai w bas been partner 
appointed resident rep resenta tive Mr Crw 
of the AFRICAN DEVELOP- ector oi 
MENT BANK GROUP to London asset fli 
in place of Mr El-Hag S. Srid. fr 1 cbffi 
He has served as financial advisor support 
to the Algerian Ministry of 
j Energy and Industry and then as NFC - 


* 

GRANT THORNTON has 
appointed Mr Jason cross a 
partner in toe London office. 
Mr Cross, formerly a local dir- 
ector of 3i responsible for 31 
asset finance, joins as partner 
in charge of corporate finance 


NFC CONTRACT DISTRIBU- 


dttector of economic affairs in tiqn (formerly SFD Contract 
toe President's office before Distribution), the dedicated 


coming to London in 1081 as contract division of NFC Distri- 
groop assistant general manager button Group, has appointed Mr 


The next Five Years 

‘ , l5»ABR,A|»ra8&9i987 
The Kjg Bang to toe London, stock market last year - 

atiaattion. on toe extent: to which thesecurm^ 
depend on tocimology. In toe next ; 

changes are expected and it is torevEr 
that tite Finaurial Times is arrangii^TlsecoiKi ^Serenas 

ssr^ML,^ < ^ < 3ajRmj Lgsg -- 

jjm opeak tm using- expert §Ks £ 


CITICORPO INVESTMENT BANK 


Of toe European Arab Bank Derek Hobbs as operations direc- 
Grtmp. tor. He was general manager of 

* bar delivery services, the joint 

Dr Don Thomas, currently NT C /Whitbread, on-trade distri- 
tpfbnirai director at IifailNbih. button operation for London and 
GELATINS, Treforest, takes the northern home counties. Mr 


should be addressed to: 


Minster House, Arthnr Street 
London EC 4 R 9 AX 


over as ipnnag in g director on Geoff Mee is toe new personnel 
April 1. He succeeds Mr Jack director of NFC Contracts. Mr 


ICtels 01-621 1355 (24-hoar answe rhur « PTV j M> v. 


Loveland, who has been MD at Sid Chertennan 
Letners since its Inception in regional manager. 


becomes 


; Telec 27S47 PTC0NF G 
Cables: HN00NF LOiVDON 

■ - Fax:01-620 8814 




Vi ; 

s? 


, -jrii 


Cv ' 




• » jr 


Jab 1 
\ 0 ] 


1*3** 


2 

:C=^ 

a:-^' 

c r 3^ 




gc.«*c. 
aa’A*. 
VR CX J 




.^3 fa J 

I 3?5." 

’ft&Tn 


SeEj 


| C£i:» 

TrtCs-, ; 

^wa f 

; 


vsxti. 

^ # 

tefSi ^ 

5 i«o i 

?• *= 

;-ai, n: 


fosci r. 

'CK. 


i **■>: 
i'zi, ac 


-JU33G ‘H ; 


Hz?r:jD 


XBE gn fAWmr. - V. 

«®t«3iib w££h S^SSfig £X"W<* *■* » Uwaedtote 

TOitta ago at ThomsS^i! W® 8 * Potential." 
pK electricals I nnn ywi Sir Gtahui'is pruninf! las 
d at in tsoS, 2? Jj Sr"??® 1 ** which 

level It was a cosSST#- ^* 5“? tabad developed in its bid 

*2- •*. S£4jf3°SS,^S 5sL*S5«t u&tiSS *£i 

Pens to a company tradi t i ona l businesses. Under 

ambitions fatally direc tion of Peter Laister, 

means. ™ oatnR to abruptly pushed out of the 

Jn anntw - " dmtanansWp in the 1985 re* 

sense,' ““J® general ntganiaation, the groupwas try- 
SuertfoiT £2? X tr °nWesome tos to develop an integrated 
UK indnsh-£*S ability of w nwun l w ifaM and entertain- 

compete in the “«£ Iciness which would 
. nin^tronics* create films and videos at one 

luve unvfhl?? 1 ^ oe * Britain «d- of the production stream, 

fa- ■ ^^__chance of. progress 3*** 1 make tne televisions and 
onlv JS225 Jf 11 ®*® companies. T ^eas on which they could be 
t h ropjgh a commit- shown, and distribute the 
end long-term materials • through its own 
■/■■;..,• cinemas or shops at the other 
-For the time being at least.- the chain. 

Jbom bag lost ifadunce of - T? emphasise electronics atm 
gncoming a sfamiflcamt piavffrtn . totter, Laister -. moved into 
tte ■ world consomer electronics B *mtowdnctors with . the pup- 
tn*«rtry. Under sir Graham 5?*“ of In ™n«. the troubled 
Wilkins, thrust into the »*<r^ Gpy ernmentbadred producer 
man’s office after a lflgs board- S®*®* 1 wss supposed to fit into 
room putsch. Thorn has been! SSJ'*®"** 8 the brae building 
marshalled, into an order lv re- tdodfc fa the production of its 
treat from the grandtose ambi- Products and some of 

ttons of yesteryear, turning /&** 

away from the more soecnlattva " *ooruve bid for British Aero- 
P«**of the bu^^SStaS 

to Its IraditiMalS fa wSi^fc^SS^M*”® ,matb&r 

fag. its stroncf teteviiW ‘ W^t^h wing to the company. 


Thom EMI 


isu-vecn wing to tne company. 
Sir Graham and Colin South- 


end retail business, and some S™ 1 ™ wun So I util ‘ 
Parts of domeste^ applhSS ff *, ™»**'smMnMgbag direc- 
Theae are sectors where in? £? * a yigorous a-roxsion 

dominant position fa the UK — SL*j£ 
it has more than 50 per cent Enter tainment 

of the lighting market sLHSaW « assets 

eaamiile--^?, assurS soKd ^ ^£*S M 5?la£f a ^ 1 
fu t u re, although significant Trite 

of the domestic anfflanca fend. bave , “S 1 ® 11 dear ®“t 
wake of a re-appraisal launched The™ 

«HtMn Mia raw*- An. .. AnB *WO W IHSlStent 


future, although significant bite ™ 

Of the domestic SDDnams Ci 5*2 bave , “u*de It dear that 

w^te of a re-appraisal launched T^e™ 
within the past few days. ti^ Tho^Tte 


wx^iuuiepaK row nays. that Tbom a omgfamerate 

. Large chunks of the co mpany rather than an integrated 
have gone, sold in an effort to electronics - based bu ^nosa. 
cut bade to basics and raise “ Obviously there are some 
cash. Within the next few similarities,’* says Sir Graham, 
months, . the. depleted bead- "Retail Is a consumer business 
quarters staff wuL sever one and so is music. But there Is 
further link- with the past and very tittle commonality between 
.abandon Thom House, the these areas and -defence." The 
1950s London office block near emphasis, be adds. Is on profits, 
Leicester Square designed for which «f why increasing 
group founder Sir Jules Thorn attention is fr»fag given to the 
at the height of his en tre p re- rental and retail subsidiary; 
neurjhj powers. They win move, and a more sceptical eye cast 
symbolically, to more modest over manufacturing. 

West End quarters where the “X do not want to give the 
HMMOotrong group will be impression that we don’t want 
administered by a team of just to nufaufactura anything," says 
40 executives. Sbr Graham, “but we don’t j»ro- 

These pH anffw ? fa strie duee something unle ss there Is a 

reflect tfae^Som^y P™®* 1 ® *» made out of it." 

Graham, a former chairman of 

the nharmaceutlal enmn J* *he UK electronics Industry 
Beecham. who combfaes^tfaa who; b eleve.that this ma nagerial 
affable air of a family physician *£*£*£„ *L 
with the rutWess methods of. a 


affable air of a family physician 

with the rutMess methods of. a g jnhwwn of faflqe by-Tborm 
company doctor— hard-headed, which, they say, had achieved 
mwirSfaMwiar averse to un- an ffi c i e n t ate and a broad 
necessary 'risks, and ~ keenly onfawh base to carve out a 


The great fightback 

High tech failures and battles against appliance imports have made the the UK electricals 

group a test case for British industry. Terry Dodsworth and David Thomas report 


TURNOVER 


PRE-TAX PROFIT 

En 


profits oriented. 


position for itself in the. wocld 


"The fundamental problem market for high technology 
with tfcta campmxy was that it goods. They point to the 


_ was toobro atBy based in activi- exmqde of .the Japanese eon- 
ties that wane loss |w>WH t and sumer dedxfnle oom pa ti iea, 
whidi we could not afford to - whdeb have moved to leadership 
keep," he says. "We-bad to in the cocnmoctity semkxxiductor 
prune' things idee cable trievi- industry . and the ' -audio/ 
shm and direct broadcast ays- television sector by vertical 



Ibcfmoiogy 

E 8519 m* 
ana mows m 


E718m* 


Coneuner and 

Con ii n oicla l 

£683.5m* 


Rent al and 

£88&3m* 


integration across a tetrad 
spread of businesses. 

The trouble with this argu- 
ment Is that Thom never man- 
aged to develop a culture Hud 
a sense of purpose which would 
have a Hcared it to organise its 

growth iiyfin Ml lirii*i nfftf qfml 

electronics group in a coherent 
way. 

Some analysts put tUs down 
to a failure to make a smooth 
transition from the kutividualls- 
tic, proprietorial style of man- 
agement of Sir Jules Thorn to 
that of a professionally organ- 
toed grotto! others contend that 
the company was simply stuck 
with a typically British inability 
to plan for the long term; and, 
in asy case; the industrial and 
financial u nderpinning for a 
dlvetrifl cation programme had 
begun to disappear with a 

decline in the group’s basic 
businesses in the early 1900s. 

This erosion can best be 
illuatnted by the performance 
of the group over the last few 
years. Two-thirds of the trading 
profits are coming from Its High 
Street outlets, its large chain 


of rental shops (DER, Radio 
Rentals and Multi-broadcast) 
and to a lesser extent the 
Rumbelows appliance stores, a 
total of 1/100 outlets. 

Tbe domestic appliance pro- 
ducts (Tricity, Parkinson 
Cowan, Bandte, Moffat) wmlr« 
no more than S per iwit on 
sales at a trading level, and 
lighting Is underperforming 
group targets, despite a strong 
international presence. The 
defence and technology busi- 
ness (embracing software, 
thermal imaging, fuses and 
radar) also has several weak 
sectors, and both Xnmos and 
the key North American divi- 
sion of vmt Wneip have been in 
loss; Inmos has cost the com- 
pany around £300m in acquisi- 
tion expenditure, losses and 
loans— roughly half the net 
worth of the entire Thom 
group. 

Part of the problem Is 
insufficient investment over the 
years. The heart of the original 
Thorn empire, its lighting and 
domestic appliance businesses, 
seemed to lose its way in the 




Ferguson 

£3808 m* 


late 1970s, during the years of 
high inflation ami gro wi n g 
foreign competition. Just when 
these activities needed to re- 
group «nd fi gta back, cash 
began to be siphoned off into 
diver sifications such as bmt 
takeover in 1979 (Thorn was 
carrying virtually no debt at 
that time) leaving them to 
soldier on as best they could. 

The result Is a manufacturing 
business which is not suffi- 
ciently international— only the 
Kenwood small appliances and 
the lighting divirions are strong 
overseas — and a number of 
factories which today need new 
fabric, new fittings and new 
products as well. 

One senior executive recalls 
how the refrigerator plant 
management tried deliberately 
to organise a factory visit from 
head office on a wet day so the 
headquarters staff could see the 
rain coming through the roof. 
The refrigerators are reckoned 
to be so out of date that they 
have twice as many parts as 
competitors’ products, with all 
that means in extra weight. 


SwCwhatWgUB, 

more complex maintenance, and 
higher production costs. 

The new guard also complains 
that Thom’s management sys- 
tems were too weak to cope 
with the stress of rapid expan- 
sion. Fumy lines of account- 
ability, unclear targets, in- 
adequate information systems, 
poor marketing and too many 
layers of bureaucracy are just 
some of the charges laid against 
the old Thorn. 

A young manager brought In 
from outside to a senior posi- 
tion in Thom’s high street 
operations found that market 
research was treated as an un- 
necessary luxury. In Rumbelows, 
until recently, stock control was 
maraud, "wb used to have un- 
believable meetings in tbe 
screen entertainment division." 
recalls an executive who has 
since left “Each bit of Thom 
which was used to being Inde- 
pendent and was asked to co- 
operate would fight tike hell 
against the others." 

Faced with these short- 
comings, it is hardly surprising 
that foe new top management 


has derided to concen t r a te Ini- 
tially on establishing a more 
easily controllable enterprise. 
As bead office has been 
trimmed baric, the divisions 
have been given more opera- 
tional responsibility, including 
management of their own debt, 
and management has been 
beefed up with new recruits 
from outside. Of the 45 top 
positions In Thom, 30 have been 
filled by new people in the past 
28 months. 

In head office, the finance 
department has set about re- 
organising Thom’s inter- 
national operations so that— for 
the first time— overseas losses 
can be set off against overseas 
profits, and surplus cash on 
deposit with foreign subsidi- 
aries repatriated to reduce 
high interest b o rrowings fa the 
UK. 

These adjustments are begin- 
ning to bear some fruit in 
improved operating perfor- 
mance — first half profits to 
September rose to £4jL5m pre- 
tax against £lL4m in the same 
period of 1985. But the big 
numbers In the new manage- 
ment era have been in the 
redeployment of assets, as 
Thorn has pushed through a 
series of disposals. Over the 
past two years, the group has 
realised about £230m from asset 
sales — funds which have been 
essential fa shoring up invest- 
ment, keeping Inmos afloat, and 
paying down debt Borrowings 
have been reduced from well 
over BO per cent of share- 
holders’ funds to a little over 
80 per cent 

With the bulk of the disposal 
programme now coming to an 
end, however, Thorn is faced 
with a different challenge— the 
problem of retting expenditure 
priorities. 

The problem is that as the 
cash stream from disposals runs 
down. Thorn will have to find 
funds from operations to inject 
back into the business — much 
of which needs the new invest- 
ment fa order to generate the 
profits to plough back. 

This Catch 22 situation looks 
particularly ni ghtmarish in a 
division like Inmos, where the 
cost of disposal could be high, 
but the long-term price of stay- 
ing In the business is substantial 
new investment It applies 
equally, however, to some of 
the longerestabtiahed and pre- 
viously successful parts of the 
company. 

The recently-announced re- 
appraisal of its domestic 
appliance business, for example, 
places a dear question mark 
over die future of the refrigera- 
tion activities: Thom concedes 
that it would need to invest 
around £15m to bring this divi- 
sion up to scratch— money on 
which it could receive a faster 
return in rental or retail. 

Even at the Ferguson tele- 
vision plant, where Thom has 


been applauded for a £28m 
capital infusion which has 
allowed it to gear up the plant 
to 1m units a year, margins are 
wafer-thin, “Ferguson will 
finance its own capital, but I 
am not so sure that it will be 
a cash generator," says Sir 
Graham. “ A five per cent trad- 
ing margin on sales would be a 
pretty good performance." 

The problems are not insuper- 
able because none of the busi- 
nesses is haemorrhaging as 
were Inmos and Screen Enter- 
tainment a couple of years ago. 
Morale, says Sir Graham, is 
high, and the group Is 
m comfortable " with its 
present spread — although be 
makes it dear that the group is 
always open to offers for some 
of Its activities. He has set what 
be considers to be an attainable 
7 per cent return on sales for the 
group (it is currently around 
4L5 per cent) and Is planning 
for the next stage of recovery 
with the help of a longterm 
market study whidi is Just 
being completed. 

Achieving the 7 per cent 
objective would have an elec- 
trifying impact on profits, push- 
ing them up by 50 per cent to 
Just over £230m at a trading 
level mi the basis of last year's 
£3.3bn turnover. It would 
probably demand a tumround 
at Inmos, which is expected to 
be out of loss, following cost 
cutting and volume increases, 
at the end of this quarter, con- 
tinuing growth in the elec- 
tronics division. 

Thorn is currently resisting 
the suggestion, frequently 
heard in the City, that it should 
sell off music, one of its few 
truly international businesses. 
It believes that a mere 18 per- 
centage point increase Jn its 
present North American market 
share of 9.5 per cent would 
take it into profits there. New 
artists are being hired, manage- 
ment being strengthened, and 
a compact disc plant being 
brought mi stream to try and 
resolve the problems. 

But recovery will clearly take 
careful management, and in the 
meantime, it will be surprising 
if Thorn does not lean more 
towards its service businesses, 
the rental and retail outlets, 
where the company has shown 
that it can make better returns, 
modi faster than over large 
swathes of its manufacturing 
activity. 

This bias to the service sector 
may be an unpalatable message 
for those who believe that 
Britain's manufacturing base is 
of paramount importance. But, 
as Thorn has shown, it is equally 
true that success in electronics 
manufacturing demands great 
experience, an international 
outlook, and a highly disciplined 
management. 

Two further articles on 
Thom EMI will appear on this 
p age on Wednesday. 


Vw-rl V 


• “ V'-Jc * -a."n 


r*. 

.. >1.'. \'Z 

\ sf'jr nr- 
**' 


TMi ailwifaiMB I ^ p— w mawBarotwconlBBto 





of Austria 


DM 700,000,000 


DiffiOQ^OOOyCXXI 5% % Buerar Bonds of 1987/1993 
PM BOOyOOOyOOO 8% % Bsaw r Bonds of 1987/1997 
DM 100^00,000 6% % BearsrBonds of 1987/2002 


DrosdnerBank 


Manilla, 1967 


A WWO— R etell 


Banqun Paribas Capital 
Marietta GmbH 

Wsstdsutsche Landaabank 
Q hoxa ntra J a 


AfcMMM BaokMdKlml M.V. 

Baywheh* HypcUMtan- md 

W-cfMHBank 
a wnm — rhatt 


BanquaBmxaMal amUtitSA. BampM Nationals da Paris 

Bmkrodn CSFB-Effectanbank 



DGBank 


2 fiotralbankAGVtanM 


EBC Amro Bank UrnRsd 


GdwntralsimdBaiik 

dor asl a n aiblili ht ri O p arl r Mnn 

jma mn wn wrMn 


General* Bank 


Induatriabank von Japan 










B?S 


Mtnfl Lynch Capital Hariris Mcw» Stsnhy IrtairaUotNl 



Horom 


Europe GmbH 


Orion Royal Bonk 

Unfed 


SdiwsUailarfri BroArtWh 

(paiitachta«^ AQ 


Scharei zariacha Bank p at a isch a f t 
(DriatscttancQAG 

&G. Waiters Sricuritisa 





id ; diat Vfe is accepted at 5 million locations \ 
^ ,^ro£lnd die world. 


A^reasoii you neei'; 


Pfaupia InttoHriB 4111 ^ 

ALuxanthOBBSA- 


CrtdftCoromaicWdaFlwnca K uarilFbta teiTmcfaa 

Co nt r a ct i ng & 
tnvaafmaot Ca (SAX) 



‘ 1 - banks and fi n a ncial institution. 




9 


gygrantyGffl&H 


SchoaiariOo, 


«L Habry Sdaodar Wrigg A COi 

Unfed 



; - »*.y<; 




wm 






! ' >' , 
■ ;:> :'■ • i -4.iV.-> . 


,\<Y: r V; 


( <vy4' 




r v ,'•, •■< " •■ V » ‘ y **£ y : » 
. • . , v-.w. <%*.**■ 

. *<.A«.v ..£y*fc 

:> t' ; *V' ' • •- .+>%*&&& 

a 


r; ' <&»&•■'■ 


Ji'-'..; 




;*.-i„'x<y*.- 








Introducing EOS, the first autofbcus camera so fast and 
simple to use that anyone can now take professional quality 
pictures. With every lens. In every light 

Power Eyes That Never Slow You Down 
The conventional autofocus SLR has the motor built in the 
body. In the new Canon EOS the motor is in the lens, right 
where it belongs. 

Ift a choice we made deliberately. Because at Canon we 
know that opportunities for great photos come and go in the 
bTinkof an eye. To make the most of every chance, you need 
an autofocus camera that gives you both fixed and continuous 
focus. You need a camera thaft superfast and superpredse in 
every photographic situation. With no limit to autofocus speed 
as lenses get longer. No inefficient mechanical link between 
body and lens to slow the action and lose precision with wear. 

And speaking frankly, because we're Canon, we couldn't 
settle for seaxid best 

Even in light so low that reading this ad would be 
difficult 

Which is also why EOS has no peer as a master of difficult 
lighting. Our evaluative metering system measures light in six 
separate zones, then compares the results to the thousands of 
picture possibilities stored in EQS5 microcomputer memory. To 
guarantee that EOS'S microcomputer always works with the 
best possible data, we threw away conventional CCD sensors 
and replaced them with our own original BASIS; a technology 
so sensitive that EOS can focus in natural light so low that your 
own eyes would find it hard to read a newspaper. 

Then we added our own advanced TTL flash system, Jilll 

to open up more color and fighting effects than you 

ever thought possible. jHggi 

Plus automatic depth of fieldcontrol JK' 

built-in motor drive. MHiEffi 

With our new depth of field mode; all you do is B§|§| ‘ 

point once, point twice, and leave it to EOS to make 
sure that both subjects are sharp and dear. Ift also a g|||j|f 
great way to set up highspeed action shots and to j llpp l 
fine-tune landscape shots or telephoto portraits. 

Put all this together with EOS's t/2000th 
shutter speed and three-frames-per-second 
built-in motor drive. The result is a 
camera that left you capture all the 
excitement of last action Yet ift so easy 
to use, so beautifully designed 

and comfortable to hold. Ift mm : jKf KSB BSaB^a 
perfect for anyone who wants 
to take truly stunning pictures. 


Canon 



Power Eye Autofocus SLR 


iii- 






12 


Financial 1*““ Mtmaay W 311 * 18 1887 


HENRY ANSRAf.HRR .PIPINGS PLC 


“WELL POISED 
FOR THE FUTURE” 

Besides for the year to 31 December 

1986 


Profit before taxation 
Profit after taxation 
Extraordinary profit 
Profit attributable to shareholders 


£'000 

5,561 

4,770 

5,353 

10,123 


1985* 

£’000 

2,743 

2341 


2,341 


Dividend per ordinary share 
Earnings per share 

(cakniated before «mrawarary pro®) 


2.0p 

3-4 


1*. 


The past year has seen die accelerated reestablishment of the Company 
into a soundly based and profitable financial services group, with a 
continuing emphasis on investing in the future. 



HENRY ANSBACHEK HOLDINGS PLC 


One Mere Square, London EC3A 5AN 


& 




MAJOR SCOTTISH BES OPPORTUNITY 


Burred Contracts PLC of Scotland a secured 
contractor, is offering up to 235 miffion ordinary 
shares at £L each. 

Comparetftis offer wfth othersand our 
benefits speak for themselves: 

* Experienced man^ement 

* £8 million + contracts already available 

* Totally independent of any other contractor 

* No disguised fees paid to associate companies 


* Defats sealed by mortgages 

* BES tax relief. No OGT 

ak Minimum subscription £1,000 

For a prospectus, the sole basis on which 
subscripfonsc^b emadft sendthecouponto 
Burred Prospectus FREEPOST 10 Boning Root 
Newbury Berkshire RG131HI Or telephone 
Oaldand on 0488 84656 tfWUfoon&CoJegraw 
on04L332596L ' 


pfcascanlaMaSvnlPKKpecta. 


Mdrasc 


Postcode 



Oakland Capital Management Pic, 
Rsmslwy Nous* H«h Street 
HungCfford, Berkshire RG170BR 


Aitti&on&CofctpaveUd 
3 Claremont Tmace 
Glasgow G37XR 


. BURRELL 
CONTRACTS 
PLC 


FT16/3 


Bryant 


021*704 5111 
0344 426688 


SOLIHULL 

BRACKNELL 


BUILDING CONTRACTS 


Roadworks, computer centre 
and marina for Tarmac 


UK embassy 


building 


in Vienna 


Contracts worth 
have been won 

CONSTRUCTION. 

award is a contract worth £22-5m 
from the Department o f Trans- 
port, fhr a near road Unking the 
North Devon towns of Barnstaple 

and Tiverton. The company has 
also won a £L6m contract from 
Barclays Bank for work on a 
computer centre at Bannrood, in 
Gloucester and in Swanage, 
Dorset, Tarmac baa been chosen 
to ZuuldgQ £Um marina develop- 
ment. 

This contract for Duxrant 


around £B0m Developments {SYS) involves Contracts have also bees awarded 
hf TAR MAC demolishing art hotel and bond- to the contract housing division, 
T * > g USKi!? &£ 100 luxury apartments, com- which specialises In building and 
menrial facilities and a yacht modernising public sector houfi- 
baven for about 290 hosts. 

Other projects include building 
a seven-storey office block in St 
Vincent Street, Glasgow, far 
Alliance Insurance Company 
(£3Am); refurbishing 168 flats at 
Salford, Greater Manchester, for 
Regal tan Estates (£Um); and 
civil engineering and building 


Fitting out 
10-screen 
cinema at 
Gateshead 


mooenusisg pomic uv»r — ,«vMiwr 

tag. They include two for Kafr CROWN HOUSE E«3E«am«3 
Chester City Council at Bumaga has won orders totalling 


work at Redcap 
BSC General Steels 


for 


(£998,000) and . Bladdw 
(£352,000); Coleman Road, 
Leicester, for Leicester City 
Council (£853,000); Portico, St 
Helen's, for St Helen’s Metro- 
politan Council (£282,000); and 
Sr George's Road, Glasgow., for 
Queen's Gross H ous in g Associa- 
tion (£270,000). 


A £5m contract for the construc- 
tion of a new British Embassy 
building and renovation of the 
ambassador's residence fax 
Vienna, has been awarded to a 
joint venture of TAYLOR 
WOODROW INTERNATIONAL 
and ED AST A CO, of Vienna. 
Zhe order has been placed by 
the Foreign and Commonwealth 
Office and work, already under- 
way, is due for completion in 


BRITISH RAIL PROJECTS 


Rebuilding Reading Station • • 


July 1988. 
The 


,„ v new Embassy building Is 
designed to match the facades 
of surrounding traditional Vien- 
nese buildings. It will extend 
over five floors to include a base- 
ment and attic and will have a 
reinforced concrete frame on 
reinforced concrete foundations. 
The cladding will be a mixture 
of stonework and plaaterworfc. 
Alterations to the ambassador’s 
residence includes extending the' 
basement and ground floor to 
accommodate new consular 
offices. 


TURRIFF CONSTRUCTION has 
won a contract tu r rewuuduits 
Reading Station worth over £7m. 
The new station is due to be 
completed by August 1988. 

Using mainly glass and (ted, 
Turriff has to complete tbe main 
building work without interrupt- 
ing the train service. Beading 
la second only to Paddington as 
the busiest and top revenue earn- 
ing station in tbe Western 
Region of British Rail. Bach day 
about 80,000 passengers pass 
through the station with up to 
4 fi00 changing trains. 

The present building will 
remain alongside and be refur- 
bished and incorpor at ed into the 
new terminal, with a waiting 
lounge, coffee bar on the ground 
floor and railway offices above. 


The Victorian building is now 
too small because of the town's 
Brewing links with Heathrow and 
Gatwick. 

The forecourt will be re- 
designed to improve traffic Sow 
and Include a pedestrian area 
with access to Heathrow BaBair 
coaches, improved facilities for 
buses, taxis and parking for the 
disabled. 

The new station will include 
.a large travel shop with 10 
windows for ticket sales, bureau 
de change, telephone inquiry 
bureau, Railadr lounge. Travellers 
Fare buffets, waiting areas, 
toilets and faculties for leaving 
heavy luggage. The concourse 
will be linked to platforms by 
a bridge leading to a l,600‘*pace 
multi-storey car park. 


Public works 
for Wimpey 
In Wales 


These include an worth 
SBm to complete wort 
Phase m of the Krtro Oratre 

development at Gateshead 
includes fitting out * 10-ncreen 
flnama- 

An order for wort, out ** 
Llanelli Hospttri toteto 
Wnrfc at the Docklands 

X£5c£ie!* »d care* 

Coventry are worth £2£m and 
£Z2m respectively and a con- 
tract at the Glaxo Barnard Castle 
qualify assurance laboratory is 
valued at £2.7m. 

Crown House Enginewing tua 
also secured orders eac h .war ts 
" Securities 
The 


WIMPEY CONSTRUCTION UR over Am at Land, 
has been awarded * contracts HouseL L«mon;^TO 

in Wales worth more man £8m. Royal _ 

The Welsh Health Common Se* John Player jmperMJ Group), 
vices Authority has placed a Nowk-Hytfao Cberai- 

ESflm contract for wards, and an cals, Humberside; J^*®***™? 
accident unit with operating Food Centre; Moorfield^fr Hdfr 
theatres at the Royal Gwent plftl; PlreUJ, Abejdarfc and* 
Hospital, Newport Gwent. The new hotel for JT Developments 
building comprises .an eight* at Maidstone. 


Community • • • Bud improving Victoria 


facilities 


COSTAIN CONSTRUCTION has 
been awarded a £L9m des ign and 
build contract by Birmingham 
City Council to provide additional 
sports and community facilities 
at three schools in the area, 
Colmen Farm and Shenley Court 
In Northfleld. and at Marsh Hill, 


Erdington, Each new building 
links into 


wriirting facilities st 

toe schools and will provide 
flexible, self-contained accom- 
modation for a range of sporting 
imit c ommuni ty activities. In 
terms of overall size, tbe schemes 
at Cobners Farm and Shenley 
Court will each provide four 
badminton courts and the Marsh 
Hill building will house eight 
courts. The buildings will be 
constructed as conventional struc- 
tural Steel frames cm pad foun- 
dations, finished In a profiled 
metal cladding. Costain will be 
responsible for all internal 
finishes and the provision of 
changing room ud toilet facili- 


A £L5m management contract, 
for tbe advance worts of Phase 2 
of the development of London's 
main line Victoria Station, has 
been awarded to SIR ROBERT 
McALFINE CONTRACTORS by 
Greycoat London Estates prior to 
the commencement of toe main 
schema. Tbe contract includes 
preparatory wort for two new 
platform*. No* 16 and 17 for 
British Rail, conversion of redun- 
dant sidings Into staff car park- 


mainly to toe 
cladding; will be carried out on 
a fouretorey office block, for 
and Glamorgan City Council, 
under a management contract 
worth almost £440,000- 


tng and a structural steel ramp 

llnlrii 


ties. The work is scheduled for 
completion in December. 


ing this to Ebuxy Bridge. 
Wort is due for completion in 
December. 

The company has been awarded 
a contract worth over £590,000 
by Cardiff Business Technology 
Centre for tbe construction of a 
ww^ii industrial development in 
the central area of Cardiff, close 
to two of the city's universities. 
The centre will comprise a two- 
storey and a single-storey block. 
The steel frame building with 
brick cladding, will provide up 
to 3,000 sq metres of floor space 
within 25 self-contained indus- 
trial starter units. Work is doe 
for completion in December. In 
Bridgend, Glamorgan, ext ensi ve 


Hotel at 
Stevenage 


storey ward-block of 1,000 sq 
metre per floor, and a single- 
storey accident unit of 900 sq 
metres at first floor level. - The 
building will be of reinforced 
concrete frame on raft founda- 
tions, with brick walls, connect- 
ing the block to toe existing 
development Included in toe 
contract, due tor completion In 
February I960, will be mechanical, 
mid electrical services. 

Under a subcontract -package, 
valued at £1.14m, tor Norwest 
Holst Management 
Wimpey will carry out the 
and block wort at New County 
Ball, Cardiff, to be occupied by 
the county of South Glamorgan. 
The contract is for a fooratorey, 
part five-storey bonding, with a 
central roof garden at first-floor 
level. The work involves general 
brick/block partitions, brick 
cladding to elevations with 14- 
metre-high brick piers and 
buttreses. It is due for com- 
pletion in Snpio 


Housing at 
Rotherhithe 


A £fm contract has been awarded 
to MOWLEM MANAGEMENT by 
Begalian Properties for the con- 
version and refurbishment of two 
.blocks of 1230s flats and building 
two terraces of houses at Bother- 
hithe In sooth east Tendon. 
Known as ' Silver Walk, toe 
■development involves refuhbish- 
nuit of . * block comprising 28 
flats and maisonettes, conversion 
of ai second block of flats into 20 
houses / , and construction of a 
basement car park, together with 
18 two- and three-storey houses 
above. Wort has started with a 
phased handover, due to start in - 
toe latter part of tote year and 
final, completion scheduled tor 

early 1888. 


SHEPHERD has secured a £2.7m 
contract to design and build an 
hotel at Stevenage. It will be 
operated as a Novate!, with three- 
storeys containing 103 bedrooms. 
It will be on the edge of the 
Knebworto estate, close to the 
A1(M) trunk road on the south- 
west outskirts of Stevenage. The 
client is Oak Hotels. 

Novotal Stevenage will be 
brick-clad with may pantile 
pitched roofs. It will feature a 
restaurant, bar and conference 
facilities together with an open- 
air swimming podL Work starts 
in April for completion in 55 
weeks. 


Renovating Nottingham’s sewers 


NORWEST HOLST FIREWORK 
SERVICES fa set to commence 
£2m worth of r en o vation wort 
to sewers and culverts in Not- 
tingham some sections 

date back more than 100 years. 
The two-year contract involves 
work to two, roughly parallel, 
five km lengths of brick towers, 
bufft in 1880 mid 1832 between 
Ronghfll Woods and Stoke Bar- 
doiph. As well ns cleaning, re- 
pointing and pressure grouting 
most of the tunnel length,, a 
section of culvert roof recoo- 


- s t rn c jfl o n and a-700metre length 
of GRP j^w are afao needed.* 
Generally, onto sewers iare cir- 
cular, toe more modem having 
the laege diameter ot 19 metres 
compared with O mMret Se- 
potatisg and pressure grouting 
will be used. on the upstream 
4 km of etdi sewer. On the 
lower culvert section toe 1 exist- 
ing concrete roof alto has to be 
replaced. Construction of a 
low-flow channel witofii fhe more 
modem sewer fa timed at . im- 
proving the carrying, capacity. 




1 


.f* 

0 ; ^ 




& 


is 

v & 
A' , r 




¥i* 




. js 

& 

K 


**-■ 


.A . 








lob 


¥ 


fie 


r*tJ 


: 


5* 

s?- 


era 


j.SX 




at - * 




■ jp. Z3ZZ’ 

. ai- 
sa^ e 
;=osr 



One reason why 
Cast maintains 
a dominant presence 
in the North Atlantic 
container trade. 


□AST 


The Blue Box System of Container Shipping 



the difference 



And this tfifierenoe is Hie more than 50 years’ experience that 
translates into reliability, le^wnsivenesfi and a customized- 
service capability that ^sets Irving Tiust apart froin everyone 
else. Far mexe information, contact Ralph A. Marindlo, 
Global Business Manager; at Irving Trust, One Street, / 
New York, NY 10015*212/635-8699. Other offices Located in 
London and Tokyo. 



Irving Bank 
Corporation 


Irving Trust 


^ RGflFC 


Bed Nadonal delos Fenocardles Espanoies 


DM 625,000,000 


Deutsche Mark Floating Rate Notes due 2996 

- Stock Index No. 478723- 


la ■ccorianc* with S 2 <B of die^ Tfernu and CottEtians o£ the Notes, 
notice is bemfay grren (bst the Rate of Interest bos bra fixed at 
4toSbj>ia. fix the Interest toriod 16th Much, 1987 to • 
lfthS^tenbe^ 1987(1 84 cfaysX Interest Bccmed for ftis Interest ftriod 
and pwabte oo 16th September 1987 will amount to DM 209.24 pet 
DM 10,000 principal amount 


March, 1987 


Interest Detnoninatuni Bank 

Morgan Guaranty GmbH, 


fraatfta im Main 


NOTICE OF REDEMPTION 


PACIFIC GAS AND ELECTRIC 
FINANOB COMPANY N.V. 


US$ 4 % 0 N^ 00 m GuarantMdDrtMnturM Duo 1989 


^nou TX.inrha 

1987 too Radempfion Pricasffl become duo and pavHbta 
tnUH re, and jrwsrest ihwaon ahto qwao in aotaue on rod 
S^SiS^iSS? 00 * 1 * A P rt,1W7 w priwthfBittwtt be paid 


On 1st 
laU 


awuqrwiwvyork cwatthamalnoffictoof 

■ ^e eMBaeaaaaaaB 

PmHcGw rad BsctfcHoancoCo, RV. 


18th March, 1907 


By: Baokare Trust Company 
• to Trusteu ’ 


ft 


& 


l 


# 












IT] 





Jim”" 


■mi Bj • ’ ' ; * l: ” 
I iM i ‘ ( 










J il i 



■Mmaf-Mnri 




i T i | N | Y.» | r 


^'•i' AkkiiJKii l Uj?« 


r Tt i rJ .i W^ 







_ *-•-" * c ■•.■."■■■•’I-- ■ i ■*(-■>.'-. 


nw*u «« ii 



had detracted Cram the zeal isMes 

^ h ini «Jj he a^tfad paler adt- cnec, should not go 6 a tax cats tat 

nW<£f — dtocq^ne and judgement than had <» r educing anmmptaymeat m 

fitection and toonkl re&ntly been shown. 


ni 

iik!L' 


ijTBi 


IJT 

tf i 


called into 


TTTlT4T 



‘‘M 1 * 








Baa'll 









[ «y A g 1 "”. i ' 


; «S!±r res 


“WWW? 


■Illll I 'T* •“• 



Granada 

maybe 

Goldcrest 

contender 

; By Raymond Snoddy 

GRANADA, the tdenam and lei- 
sure group, is wawgiug as a posaa- 
Me strong c o nten der far Goldcrest. 
the a fr « B gMw g B ntMt *w*y»i^wnt 

film rogrrpj » wy wh lrh Tiflg 'K mi m in- 
volved with O a a tHHMd ng films 
«ni 4 i £5 Gandhi of 

Fire. - 

■ Mr David Plowright, cha irm a n of 
Granada TUerisidn, is b el ieved to 
be fc**** to over die company. 
Goldcrest began to run mfa finan- 
cial troubles last year when one of 
fte expensive productions. 

Revo lut ion, turned out to be a box 
office d bwte 

Granada's aim would be to get 
Goldcrest b w?\ into production 
■ priw mwHwg ion budget 

films for both the rmmut l TTK tela , 
vision and tnUwrmtltwisI mjtrfatfee 

Granada Is t h* finwinxai 

state of Goldcrest. but a formal 
statement of interest is 
from Granada lata fids week. 

Xt has been looking for a way into 

film f w nd i wfinn for cnnw y peT ff milt 
w hud uih mi fix* fu t u re of 
Goldcrest with die Virgin gcotqi, * 1 
Mr lYmalil P nripVt3iwnV | ♦ho Vir gin 

executive, is a former d** p 't y 
rWbf executive of Goldcrest nrw ^ 
both and Virgin are part- 

ners in Si<<wii SuMHte Btoedcest- 
fng (BSB) hriMam of Britain's DBS 
franchise. 

Three rival bids are already an 

flat MJa fnr flnMw prf rf iw u i muni 

shareholders tnriprie Pearson, the 
diversified group sUch owns the 
Rnandal Times, Electn Invest 
meat Trust; die Coal Board pension 
fund and Noble Grossart, me Scot- 
tish investment house. 

Goldcrestfe four main sharehol- 
ders have been sopporting a take- 
over proposal from Mr Earle Mack, 
an Amman pr ope r t y developer 
who would take an 85 per cent, 

«+r 1 r» fp Ay m mpany m return for , 
an injection of £5.7m mostly in 
debt The position has however 
been opened up fay farther bids 
from TT wn u lela, an A^gfo-Ameriran 
film produ c ti on wmipany and Mas- 
Wiuhh, a group owned by Brent 
Walker and Ensign Gust 
There has been a pposi t i on to 
plans to sell Goldcrest to Mr Mack, 
wm l Granada's in terest might fit 
original aims cf Gokkreasi to be a 
lwirfmg twka independeit film 
jw ryfivHwn wwnpiHiy irmrii better. 


'i- 






' W .*■/ ■ 


v. : , * -v?* 

vSS 



■ 

: • ,v /5y, i 


mW 


Bawa Mmafeid gl 


** • '*,+** 


'%'s- • 

*v* 


= $ f S - : ' r ’• • - ’ ; . 

J A \ > i! - S • 3 - . - , . t 

.V • ‘/.I ; :•■ ; "■ 

, -- 7>~ ■ 

v •> ; -• TV * i » r ? '• t . 

^ri » 2 . 5 i : « * <t • : , • • 

pj«¥i >> 

-t- 5r '- ; • rn.'' *■"*'* •• ' r- 

i^slS^ites i-rn-’Tfe i.:* r.".'’ • • 





f*W*:«5i*i* : ; >• . • r - . . ; - 

i*’ Cbl-- : > 1- • •’ «’ ^ ; ; 

' V,. ; ' .V;. ; . : 


?.1 ¥;• 


_ , fT5 i : r : .;> ; . • r . ► t 
fj ■6 » i u *dV . v :-°' T ~ 

t : tit* hi* >: ' ^ ••; .* . " r •• -•'••:• • 

^ ;■' ■ 

... 


' - r : Tv-Vl-'l *jr.y.Z- : 





mm 

<• ' • 

lis.**: 

■V : 

■” « f »• 

• ?•" 

).Tr ; ^ ’2Xf; 
‘ -A. 




Iv. •, - . *.V~ ----- - - ' rtr.... — ... .-.n-:"',; - ••'Vr.':' ?r - : 1-' 


-* ' V ■ • “ v"' -^ 
• ' *• •• 



TOSHIBA'S OFFlCt ► 


in only 13 months demand for facsimile and telephone systems, 
our copiers, portable desktop we're moving, 
computers, an d^^/n-One impact And if you keep using our. 
printers has been so strong, our systems to increase productivity in 
offices are now just too small. your office you may have to do 
So, before we even launch our the same! 

Toshiba Information Systems (UK Ltd).. Toshiba House. Brooklands Close, Sunbury-on-Thames, Middlesex TW16 7DX. 

Telephone: 0932 785666 Fax: 0932 783902. 


• c; 






:?i : . - '‘hrtir 










‘Favoured terms’ 


on offer to 
computer staff 


UK NEWS 

David Lascelles assesses the first casualty of City deregulation 

Midland licks Big Bang wounds 


SOMEONE HAD to be first Bat it were obliged to adopt a "never 
was doubly n n farbn mto for Mkh knowingly undersold" strategy, to 
land Bank that it became toe first enable Greenwell to pass them the 
casualty of fee Big Bang on Friday business. They were, therefore, fll* 
wben losses forced it to shut down ways dealing at toe very finest mar- 


BY HELEN HAGUE 

COMPANIES and local authorities 
are framing preferential pay and 
benefits packages for computer de- 
velopment staff in an attempt to 
stem recr ui tment problems, accord- 
ing to a study published today. 

Evidence of this increasing trend 
is detailed in a survey of 27 organi- 
sations outside the computer indus- 
try, collated by Incomes Data Ser* 


body. 

Big Bang; the deregulation of tire 
City of London last year, has exac- 
cerbated intense competition for 
skilled computer staff in London 
and the South East of England. 

Tactics aimed at retaining em- 
ployees are reported to include: 

6 Major changes to salary and 
grading stru c tur es; 

9 Creating more "room for 
manoeuvre” fay raising maxi mum 
points of salary scales; 

• Moving from more rigid grading 
structures to individual “market-re- 
lated* salary bands for each job ti- 
de; 

• Introducing perfannance-related 
salary progression or merit pay* 
stents for the first time; 

• Reviewing computer staff sala- 
ries more than once a year; 

Pi 

K v fcw: 

]<&*:<■*■ 

,/<V. 

-v 

tey ‘.f v 

■ /> ir • 


• Accelerated promotion; 

9 Paying special mark et ad d i tio n s 
for c ompn tpr staff Or introducing 
sk ffl or proficency allowances; 

• Improving the benefits package, 
particularly the eligibility criteria ! 
for company cars. 

Employes in the private sector I 
have Sound it easier to prepare pay 
and benefits package for computer | 
staff than those in the public sector, 
q prartj i ng to the Study. ] 

It found that the introduction of 
new salary progression systems for < 
such staff in toe public sector bad , 
often met with trade union resis- 
tance, because of concern over toe 
possible fragmentation of national 
pay structures. 

However, some public employers 
are taking initiatives to pay higher 
rewards to staff in short supply. 1 

The Civil Aviation Authority , 
moved to performance-related pro- : 
gressioa for computer staff two , 
years ago. Lambeth council in Lon- 1 
don pays "scarcity allowances'" and j 
Kingston, Sutton, Westminster, | 
Kent and Surrey councils now offer 
cars to some data processing staff, 
Woking Borough Council has intro- ; 
duced merit awards for its compu - 1 
ter steffi 


Pte one tiling, Midland is st3Hxy- 
ing to shake off its image as the 
UK’s most trouble-prone clearing 
(retafll bank. The arrival of Sir Kit 
McMahon as chief e x ec utiv e last 
autumn seemed to mark the start of 
anew era. 

For another, it was only three 
weeks ago that Midland launched a 

taw? 

banking arxn which it formed to 
pH pfodjgf* on the rf i a n g ga from Kg 


Another problem noted by rival 
dealers was the lad: of ccKarima- 
tan between GreenwelFs ability to 


Um oi»n» made in the accompa- 
nying brochure tout MMtorf Mon- 
tagu "is as well equipped to serve 
ite customero as aity amiparahfe or- 
ganisation to Europe” fe already no 
Singer true. 

Midland's fi iifri g appears to have 
been me of strategy. Unlike its ri- 
vals it did not buy a jobbing firm to 
give it a ready-made ability to deal 
in equity stocks. Instead, it befieved 
it cobid develop such an operation 
itself and feed it with business from 
W. GreenweD, the stockbroking 
firm it bought last year. 

Under the Bag Bang rules bn*ers 
must find their clients toe best 
price in the market and even pass 
the business to another house if the 
in-house market-makers are quot- 
ing less attractive prices. So Mid- 
land Montagu's market-makers 


makers’ capacity to handle it It is 
believed far instance, that Green- 
well recently obtained substantial 
orders for ICX shares, only to find 
the marke t- maker s short of toe 
stock and needing to go out aikl buy 
it at a loss. 

Mr Ernst firutasche, a chief execu- 
tive of Mnw faum gold the 

oper at ion ***** made flfim of trading 
losses and that the decision to shut 
it down would entail write-offs of 
about Elton. Unlike the other clear- 
ing bonks though, d not 
given profit and loss detaOs for its 


Compared, to toe other clearing 
hwnVKtoe amount of red pt iunfl . 
land Montagu was not enormous 
and it was to the zmasaal position 
(rf making money on gflts tat losing 
it on equities, toe reverse of many 
other houses' results. 

ft has been suggested by people 
in Midland Montagu that Mr 
Brutsche,who is a Treasury rather 
than a securities man, was wining 
to make the closure decision be- 


ing for farther C fl ffUft’ tyfry pwimg 
other houses which did not buy a 
jobbing firm and might be suffering 


includes its Treasury operation and 
Samuel Montagu its merchant 

Vrnnfr 

In its 1986 results, it said only 
to** investment banking fn w tp 
a total pretax profit of £65m. But it 
is now known that this conceals a 
kiss of Q2m fay GreenweD, which is 
offsetby a profit of £37 m by Samuel 
Montagu which had a record year, 
and profits erf £40m, from the Trea- 
sury side. GreenwdTs kisses were 
a ccou n ted for by the heavy start np 
costs of Big Bang, plus the equity 
operations which are now being dis- 
continued. 


formance of his group as a whole. 
Sr Kit McMahon, a fo r m er central 
banker, may also have p re fe rred to 
err on the side of prudence. 

Midland's retreat, is an indicating 
of toe ferocity of compe ti tion in the 
equity market since Big Bang and ft 
may mark the start of toe modi 
predicted shakeout 

A recent study by toe Stock Ex- 
change shows that more than 12 
houses are now making active mar- 
kets in the 80 leading stocks. In the 
most popular stocks, the number 
rises to more than to 28. Most of 
tins business went through two or 
three jobbera before Big Bang. 

The shady shows toe average 
"touch” or spend between best tod 
and offer orices fin too stocks, has 
fallen from 0.7 per cent for LOW 
shares just after Kg Bang to 0 A per 
cent at the end of January. 

Midlan d 's dep ar t ur e wiU, of 
course, relieve some of the pres- 
sure. But it was not among toe big- 
gest players, so the Hup*** cm the 
rest of the market will be marginal* 
The City rumour mill has been look- 








Financial Tunes 


Monday March 16- 1987 


Warning of political 
controversy for courts 
over City’s powers 


Mr Glen Moreno, executive vice 
president of Citicorp winch owns 
Scrimgwur Vickers, said “the mar* 
fcets are very .difficult bat we are 
making money. We are now trying 
to expand." 

Even some of toe tog integrated 
inv estment bonks have bad then- 
problems. NafWest Investment 
font, the subsidiary of NafWest, 
has had trouble pulling together Bs 
complex dealing operation. Bnt it 
now claims to be making money in 
equities. BZW the Barclays subsid- 
iary has just trimmed 12 television 
stocks from its coverage, but its 
range of LBOO stocks remains toe 
largest (Midland was only d e a lin g 
fa 400 slocks). 

Although Midland's sent 

shocks through the market os Fri- 
day, some observers saw sense in it 
Midland Montagu will now concen- 
trate on ag&ncy broking and equity 
research in the two areas where 
Greenwell is strongest. 

The promotion of Mr Keith 
Brown, toe head of r esear ch, to toe 
position of joint managing director 
brings to the fine one of toe City's 
leading analysts. Meanwhile, 
GreenweO'B gifts business, another 
of its strengths,' continues as before 
and is making money. 

But whether Midland Montagu 
will find Bfo any wwjff 1 as an agen- 
cy broker is a moot point 


THE “BIG BANG" and the prolifer- 
ation of new powers given by the 
1880 Financial Services Act could 
lead to toe courts becoming in- 
volved in areas of aente political 
controversy, a loading judge has 

ffiiM 

Lord Justice Woolf, a judge of the 


the Act ^Jedfeally prevW«i ^ 

hereof its govwntag 

l» Uabte for damages for anyto^ 

they did or did not do unless they 


there is a need for "someone out- 
side toe political arena” to repre- 
sent foe public interest in cases of 
abase of power arising out of the 
Act 

The judge made his remarks 
when be gave toe 1987 Denning 
Lecture on the subject of "Judical 
Review in the commercial area." Ju- 


lTOf eSBIUPW, *“ rr- *7’ 

Mon dtte 

Tribunal to which camptaints cam 

be idSxed, roty aros^wtoete 

Secretary of State and other homes 
took action and toe person otlmty 

1 . 1 — <4u> urinn was 


was aggrieved. 

“Where these 
jes foil to take 


pished bod- 
there is no 


whirii decisions of government min- 
isters or departments and of other 
public bodies can be challenged in 
the courts. 

Lord Justice Woolf said that, al- 
though toe Big Bang had been 
meant to herald a new era erf free- 
dom,toal freedom had been accom- 
panied ty the niCT and bigger pow- 
ers of regulation given by the Fi- 
nancial Services Act to the Secre- 
tary of State for Trade and Indus- 
try, sett-regulating organisations 
(SROs) and others. "Recent events 
have made it dear toot those pow 1 - 
ers are necessary* he said. 

The Act gave a right of appeal, ul- 
thnatety to the High Court, ty any 
person or body directiy affected by 
the Hflj fo n* of toe Secretary of 
State. The High Court was also giv- 
en a supervisory rote in relation to 
certain other activities of the Secre- 
tary of State. 

There was, however, Loni Justice 
Woolf suggested, still an immense 
area where judicial review was go- 
ing to be toe only means of redress 


jSand than the High Com* pro- 
vides toe stde possibility of bap. 

-There are, therefore, many 
areas where toe protection <* toe 


m which the Secretary of State ex- 

.■ i - : ■- — ■ — *- - 


erases ms supervisory *»***- . . 
frjriw meanstoat many devisHms 


fiat ,- mirf hi particular the financ i al , 
Bffffo r gpinuiilly will tend to 
he drawn to a greater or lesser de- 
gree into toe pofiticaZ arena, os po- 
hfical capital is soa&t to be made 
d the Secretary of State’s daemon 
ar 

■ft also means that in exercising 
their powers of judicial review the 
courts could become involved, as 


cal ’and central g o ver nment, in 
areas of acute political controver- 
sy." 

Load Justice WooSf said tost toe 
Secretary at State performed his 
many duties under the financial 
Services Act as. the political head of 
his dep ar t m en t aha a member of 
toe Government 


Menswear sales jump 


BY CHRISTOPHER MRKES 

THE BRITISH market far mens- 
wear grew 9 par rent in real tanas 
last year to about Gt5bn - but toe 
boom is likely to be relatively short- 
Bred. 

A recent sfakty dahns tost des- 
pite l m- mygrtig pmnpehliwn Mid 

sharper marketing, the impending 
drop in the number of heavy-spend- 
ing young shoppers frurawtrey 
that major real growth fat unHkdy 
in the medium term. 

The report, from Gordon Sim- 


mons Rerearch of London, says the 
total male adult peculation is static. 
Baal growto will be inhibited as toe 
number of 15-24-yeoKfd falls from 
4.7m to 3.7m by toe end of toe 
1980s. 

"Retailers wiUhavetotakead- 
vantage of growing faAiimcoh^ 
sriensness among men,” if sag* 
gouts. They w31 also have to con- 
sfider fiie opportunities presented 
by tire rising number of older men.” 


Company Notices 


C. 1TOH AND CO. LTD. OSAKA, JAPAN 
im mr 

NOTICE OF THE RESOLUTION OF THE BOARD OF DIRECTORS 
CONCERNING THE ISSUANCE OF NEW SHARES 

To; Shareholder* 

Notice Is hereby given xbet with respect to l to issuance of new shares 
of C. Itoh smf Co. Ltd., pursuant to tho resoiutkin of the Board of 
Directors adopted on Fobraary 2. 1887, k has baan reaolvad at th* Oiostirtg 
of tha Board of Directors of C. hob and Co. Ltd., bald on March 11. 
1907. that tha tarma of tiw Public Offarino of such Now Share Issue shall 
bo as fallows) — 

1. Number of Stares to bo BOJOQOJOQO share* of Non-Saarar par value 

issued: Common Stock. 

2. Amount of laaua Plicae Van 7BB par share. 

3. Amount of tbs portion of Van 382 par share, 

tha laaua Price which 

■ball not bs accounted ISr 
aa tho stated Capital: 

4. Data of Subscription; March 31, 1907 (Tuasday) 

6. Offering Method: Public . Offering through underwriting by: 


March SI, 1907 (Tueaday) 

Public . Offering through underwriting by: 
The NUcko Securftios Co. Ltd. 

The Oaiwa Sscuririea Co. Ltd. 

The Nomura Securities Co. Ltd. 

Yamalchl Securities Co. Ltd. 

Nippon k anayo Ssewrttfw Co. Ltd, 

Naw Japan Seouritie* Co. Ltd. 

Dal-ichi Securitise Co. Ltd. 

Cosmo Securities Co. ltd. 

Purchasing the entire shares to be Issued. 


B. Data of Comme n oa m e trt of April 1. 1887. 
Oividand Accrual Period 
for the oaw shares: 


NOTICE TO HOLDERS OP EUROPEAN DEPOSTTARV RECEIPTS (EMtO IN 

RYOBI UNITED 

* M * Ue ^ n 01 

BOR Hoi dare may now present COneOn No, 12 *> r payment. 


Legal Notice* 


W THE MATTER OF 
EASTCON 

(MKXxje Bast services) ltd. 

- AMD IM THE -MATTER OF 
TOE CYWWS COMPANIES LAW 
. CAP 03 

MmCE IS HERESY GIVfiN that the 
Credfnrs «f dm abt va -r wm cd- Compeny, 
which la being votunmby wound up, 
are required on or before tba 16 th day 
pf April 4907 to ootid la their totf 
nanm. their edd ro — w and deactip- 
tioiw. lull pwOcdlera of thek debts 
orebrinze and she mewes end edtfr e eeee 
at their SoUcknre (H wire), to the 
undendgired Mr Arwooy Hej lroueaoa. 
POCA. of Julia Ham. 3 Them -Oaivfs 
Street P.0. Aon 1812, Heaele, Cyprus, 
tire liquidator of tfa* aaM Company, 
and If so required, by ootiCV -hi. writing 
Iron she said Uqutdntor, are. personally 
or by their Sdiohore, to com# In ami 
prove ahefr debts or hr default, thereof 
they wM be eadudad frem the benefit 
of any rdatrih u tion mad* before such 
debts are proved. 

On tod rhla HMi day of Match 1887. 

A. KAJllKVVSOS, fCCA. 

Liquidator. 


No. OOGB of 1987 . 

. IN THE WGH COURT OF JUSTICE 
CHANCERY DIVISION 

MV THE MATTER Of 
BULLERS PIC 
tlitO Vi THE MATUB1 OF 
THE OOMPIANtBS ACT 188S 

NOnCE 16 HBHEBV GIVEN that tha 
«• *• High Oourt of Justice 
(Cbancaiy Ohriatoa) dated Stir February 
19» opnfiwnmg ** eaneellatkMt of 
&*<pca «f the amount mwidlng to tire 
onmuT of aha share prereTum account 
of the- eboea^smed Compeny Was 
registered try she Registrar of Com. 
P»»le* err 3rd Aftjrch 1807 
° rad ***Y «* ktarch 188J. 

HDRTDN HOS£ D0TT6RELL 8l 
nOCHE. 

Kero pi on Mouse. 

■Cempmao Street, 

London BOM 7AH. 

SoHefcow for tire abonMumed 
Company. 


Clubs 















Mo^-Mardi- ie 1987 0 


UK NEWS 

I 


ifTTiT^ 


to 


Jenkins tops poll for 
chancellor of Oxford 


iliiki iiu 


womrbPHER 




BxnpoDetaJx m^rntfacfariag 


l- 1 . • : *■ • 1 1 1 v . * • V ♦ - ^ t a ijbi> _ 


^actro ha: \a£ Sweden, wwA 
wwmf ac ft UBg ovens for thri Euro- 




_Jfr Km Mid tfe British govera- 
neit had shewn a constructive sfttt- 
towards inward investment 
nom the Par East Tt is oar hope 
™at_ when a final e nnrin s io n is 


orarage ioradnasd; sudi as oars, 

fife added; 


wi J£-.7.nF 


Cm fin- 



officials ■'was. at pheMHnt writing 
British mhaowave mat nuunihc- 


J re och-appIiaBce makers. 


\hp i*a rn 


BY BRIAN groom 

MR ROY JENKINS, idrinarjresh 
dent of the European ComduSsran, 
was elected chancellor of Oxford 
University to succeed the late Lord 
Stockton, at the weekend. It was a 
contest seen as part by-eJection, 
part a vote of no confidence to the 

OnMWiMWATrfc Mgtpn pol- 

icies, arid part an old girls’ and 
boys’ ceresnoniaL • 

- Tbb riee tttm for the largely cere- 
moniai post brought out a record 
8*M9 graduates to vote out of 40^)00 
entitled .to det so, ad attr a ct e d 
greater interest in the rad™ than 
among the bemused dons at the 
venerable m riv ersity ’s high tables. 

Mr Jenkins, a founder of the So- 
cial Democratic Party, polled 3,249 
votes. The historian Lord Blake, 
Provost of Queen’s College, polled 
2,874, and Mr Edward Heath, the 
former Conservati v e Prime Minis - 
ter, 2^48. - 

The fourth candidate. Dr Marie 
Payne, a Birmingham medical prac- 
titioner, received 38 votes. 

Mr Jenkins said: *1 hope I can do 
something .for Oxford mad for Brit- 
ish universities in general, My 
main role will be to perform at cere- 
monitofimctionsbtdlhopelwinbe 
a gocri spokesman and fund-raiser . H 

Many graduates were there sim- 
ply to relive their past and enjoy a 
rare opportunity to exercise their 
voting rights, but the SDP-L&eral 
Alliance will take heart from seiz- 



and fund-raising 

tog a traditional Conservative fief- 
dom. 

The Tory vote was split between 
Mr Heath and Lord Blake, widely 
seen as closest to Mrs Margaret 
Thatcher. The situation was further 
complicated when sections of file 
Conservative leadership swung be- 
hind Mr Heath to prevents vote for 
him bring coon as a finnb t >0 the 

Prime Minister. 

Several left-wingers also voted 
for Mr Heath, but mainly in an ef- 
fort to stop Mr Jenkins, whom they 
held responsible for splitting the 
Labour Party. 

Some saw the election as a refer- 
endum on cuts in university fund- 
ing imposed by Mrs Thatcher's Gov- 
ernment but if so it was one which 


she had no chance of winning. AD 

the nanriiHatp^ inpfruting Lord 

Blake, deplored file cuts. 

Lord Blake had been put forward 
by some of the university’s leading 
academics on the grounds that a 
scholar, not a politician, would best 
symbolise Oxford. Other dons com- 
plained that Lord Blake was a poor 
choice for this because of his close 
association with the- Conservative 
Party. 

Hie election brought out many 
. worthies to vote, including Sir Alas- 
tair Burnet and Sir Robin Day, the 
political broadcasters, Lord Hail- 
sham and Air Mannadufce Hussey. 
Roland Rat, the television child- 
ren’s character who was barred 
from standing for election on 
grounds that “rats and fictitious 
persons do not quality as candi- 
dates,” was there to attempt to 
press his ambitions. 

There were suggestions that 
same had voted twice in the elec- 
tion. An Oxford don was quoted 
anonymously as saying he had vot- 
ed twice, and knew someone else 
who had done so. 

Mrs Anne Lonsdale, the muversi- 
ty’s information officer, said al- 
though the practice could not be 
ruled out, careful checks had been 
made on the identity of those vot- 
ing. 

A bit of archaic nonsense, 

Page 19 


CHANNEL FERRY 
DISASTER FUND 

(Sponsored by Dow District Council) 


DONATIONS 


AH Donations will be grafcefidly received. 

Please use one of-tfte following methods of payment- 

1. Send cheques to FREEPOST, Dover, Kent, CT16 1BR. 

2. Bank Giro Credit through any of the bearing Banks to 
Account No. 71780661 at NafWest Bank, 25 Market Square, 
Dover (Sorting Code 600704). 

3. Post Office Giro Credit to Account No. FREEPAY 9660. 

4. Access or Bardaycard payments may be made by 
telephoning FREEFONE FERRY FUND (via Operator). 


CLAIMS AND ENQUIRIES 


Claims are invited from those suffering bereavement^ injury or 
loss from the tragedy. Please write to the Fund at 
FREEPOST. PO Box 1000, Dower, Went CT16 1 AB or telephone 
FREEFONE 1004 (Via the Operator). 

Those who have already responded to tfie Townsend Thoresen 
advertisement In the National Press on 10th March 1987 will be 
contacted direct and need not re-apply. 

Receipt of payments from the Fund will not affect your right to 
compensation from other sources, 






a 



Ulk'Wl 

IV/JWRN 


iTTr-f 


. T ■ m tutu 




mb imaK 


i 'cs «■ « ■ f-r. m .7- • n 


fresh green veg- 


tigpee drift 



tm 

i; 






DIB 

n«i«f 

i r i rini jSi'toiiiiiiBrl'iM 



Sanwa’s 

added reach in 
Japanese finance can do 
a lot for your business 


, -W-, at . 1 . » ; -»■ r-tVr «%— » ‘ 1 ’ 7 *;'* *■"' r/r ’* “ 


|iT7V,mi77T7 






NOTICE TD HOLDERS OF 
. WARRANTS 

kaNsai paint c o, vm. 

TMM. o n B y wbleh wfM U warv 
(stood. _ notlcv to - berabjr n wnn m 
levtonv 

On ZAth Fabrnary, 19B7. tho Bawd 
of Dftwsw d aw Cotnoony twUM 
to moko a froo cUtti-Hnidofi of O-kb 
or .Ha common Smell t» BardoUcn 
of rrcorB aa Q( Slat March, 19*7. la 
JUWIF at at^i am. of 9.1 .*«*■ skua 

^ At a^ oa dt.pt mE> fftar rii dan. Hmt 

S*opiw BSM* MMt.fMto SS 
JbhU* upon- Mm i| of aaW wnns 




K 

r 



^«£==SSJiSE; u,,-, ^ i 

CC2P2LX. _ 
















NEW towns 

TIMES 


' . Cannon 5 W«. - 

ttwaNCIAL TIMES 

■f 


I • , P - , % ' 

A wide client base 

Hie Sanwa Bank, one 
of Japan's top financial 
institutions, has always 
stressed die importance 
of providing a wide range 
of services without bias 
to a wide spectrum of 
industries. With a cor- 
porate dient base that is 
now among the largest 
and most diversified in 
Japan, Sanwa is uniquely 
positioned to assist over- 
seas companies of all 


industries in mergers and 
acquisitions, joint ven- 
tures, investment consul- 
tation, etc 

Extensive domestic and 
overseas operations 
With more than 260 
offices, Sanwa-s domestic 
network is one of Japan’s 
most extensive. Sanwa 
specialists across the 
country work in dose co- 
operation with the Bank’s 
vast overseas network 


in marketing advisory 
and other sendees to its 
sowing international 
chentde. 

Vast resources 

for more specialized 

services 

forward-looking bank- 
ing made Sanwa what it 
is today: die world’s 6th 
largestbank*, with total 
assets of over US$160 
billion and the highest 
credit rating in inter- 


national finance. Backed 
also by subsidiaries 
and affiliates, Sanwa 
bankers are now more 
active than ever in pro- 


assistance that overseas 
companies require in 
their dealings with Japan. 
Just ask your Sanwa 
banker. And see what 
Sanwa’s added reach in 
Japanese finance can do 
for your business. 


Sanwa bankers are working for you everywhere. 



*1985 Institutional Investor survey 

























•-JI I » ■« '-W* -Jill \ J || 4 



wmmm 






JPvC 



Ptlfc 






%• ■• i • • t . Wv i ? 1 1 •./ * . STiS * , Bii 


1 1 • % 1 j 1 i 1 u t \ + 1 li j il ■ ITT 


I ' f T i 1 ' * 1 










M 1 I 1 1 M I |l 
ill i i i M 




VlJiJTuE 


- f ( 1 tri ' % - 




Mwai 




<>73.' fifTiil 


" -.1 


_ .. <**<*$.. 




?Tr . ^>i?C;¥^3r4'- * 

i 1 W 


2Z3ES2C3 



SBWSH I 












,"f f, 1 1. fl 'Z 



■ ■U W »y 


5±Sr 


=SE 


i. X '. il i. i 






-8EK16Cl4)percoii 
— SEK2pwoommon 


Tne Swto-ScsBla Group consoSdated sales rose In 1986 to MSEK 35222 (31340). Foreign market sates corre- 
sponded to 66 percert (64) of total sates. 

Income, before appropriatk^Ts aid taxss, amounted to MSEK 3327 (2,903), correapondJng to 9.4 percent (9.1) of 

total saJea 

The aftertax return on stockhoidQ^s equity was 20.1 percent flS). 

Due to the Saab SOth anniversary fin 1987 and the Scania 100th annjversary in 1991, the Board has decided to set 
up an anrtvws^ hx?d fcr the Grotp^empk^eea This fund vvffl grow cJuring 1987-91 from an intealMSEK 50 to 
MSEK150. 

The Board hasproposed that the par value of .the Groupfe shares be changed from SEK 50 to SEK25 (through a 
so called spilt), so that each existing share becomes two new shares; and that a new class of series B common 
shares be issued with 1/10 vote each. 

it is also proposed that the common capital stock be increased through a stock dividend. For every five old shares 
held, the shareholder wfi receive two new shares of which one wtt be a series B free share. 

Issue of B shares Is an Important factor in the Gft*iptetnte mafl onslfk»nc^ and the growing foreigi interest in 

S^TQPSSl 

The proposed dividend means that the cSvWend has Increased by an aver- 
age of 17 percent during the fast five years. If the bonus is taten Into consldera* 
tton then the growth te 20 percent UKknkipin*&im^*d>xiBg* 



1 ■■ ■■■*■■ m *^ i w£f S F^ l R ' =a Fr m 


/ i • MB * I M • 1 


■ »7 i v > f ihff 








■B»V 







| T U 

-4 ■ . f 1 


"fl 

1 -■ 


1 8 


Tin litigation season opens in London 


BY RAYMOND HUGHES, LAW COURTS CORREBPONDCHT 




mm 




TTv»i9He^Tnu^Rgp<ytv»ebeavaitolB«Mof^ort22.TheAiir»^GenBrai\iB«ith o w Bba haid In UnMp»ig. 0 wBda n on Ttxxaday May 7, 1967 Jttia/n. 
The Wflrtm report tor tha period January to Aprt T9S7 wl be pifefahad on 7>»redBV June 25, 1907. 


SPRING IS to be the season of tin 
litigation in the Hi gh Coart — fee 
time when the rUimw and counter- 
claims sown so plentifully over the 
i<wt {ew wnnflw w£H start to Uos- 

gffl. 

Hearing dotes, between April 28 
imrf the beginning at Jane, have 
bees firai lor three cases, fee out- 
come of which may determine at 
least part of the remainder of fee fr 
tigatHUL 

Ratings will be made on the xna- 
jar issues of the court’s jurisd ic tio n 
and fee right of foreign states to 
rtairn sovereign inmnmtty . 

The first case, ot April 28, will be 
fee attempt by Maclaine Watsam, a 

TnnAw fafe mp tp a d fr wnri 

& E6m creditor of fee insolvent In- 
tBEnatknal Tin Council (EEC) to per- 


osade the Chsocery Djvmon. to ap- 
point a receiver of feat ETC asset 
r e p res en ted by its alleged right to 
Arim contributions f rom, or be in- 
demnified by, its 22 members states 
in respect of its debts. ■ 

Mac&tne obfcrinedW arfofogfi on 
award against fee HC and con- 
tends that, under tfr** 1972 Interne- 
fanal *nn ft anril pw> mnnHl p« and 
Privileges) artto, fee ETC is not im- 
mm* f rom RngHsh I p g ^l proceed- 
ings to enforce the award. 

The ETC will ask the court to 
strike out Madaine's daizn, argoing 
thflf it is an international body 
created by treaty over whufe fee 
coart has no jurisdiction. 

hi January, the ETC succeeded in 
ridding itself of a conmolsory wind- 
ingirp petition brought against it by 


another metal trader. Amalgamat- 
ed Metal Trading, when -a judge 

ruled that fee 1972 Orier made the 

ETC hwirmrw from fee courts wind- 
ing-op jurisdiction. . ^ 

On May U a iudge af fee Com- 
merdat Chart will hear.an aj^fica- 
tkm by fee. DK, fee other member 
states and the EEC tb strike out fee 
first of fee scKaOed “direct action^ 
brought against them by credhurs 
seeking to- make fee states liable 
for fee' ETC's debts. 

The action is that fay J. H. Hayn- 
er (Macing Lane), put of fee S & 
W Bemfard commodities grcrctp, 
wfakh daimsto be ad5m creditor 
offeeEEC. 


of Trade and fe 
two grounds to 


v . *4. : 

fee eoart has no jonsdie- 

tkm, and feat Baynei’s claim is 
“frirolous, vexatious and ah- abuse 

ctffeeprocessofthecOTrf'infeatit 

feadonsho cause of action as : fee 
" me m ber ^ s tates areriotKahtetofee 
•nCsdd>&.^ *••••:•• •■rsv^ 

The other 21 states will support 
those arguments. . 

On June 1 fee Gommexoaf Chart 
wfflhearfeeactteim.wiiichSbear- 
son.Lbhman Rrofee ra anditesub- 
sfahaiy Shearsdn L e h m an M et als 
challenge fee validly of rule It - 
fee £ME rule p romul gat e d .tot 
March which imposed* “ringouT 
toto. 

Thejudgineiitinthatcasewfllaf- 

lect fee toe <& fee dahns made fay 
EEC - creditors, deciding whether 
feey - can- fan made an fee bans of 
rontradpricescfftheziiigoatiaice. 


If an overseas buyer foiled to pay you 
would you see red? f a,\ . 


In the event that a buyer is unable to pay you, getting 
angry will be the least of your problems. 

One bad debt can cause havoc with your cashflow and 
turn the tide on profits. 

The non-payment of, say a £20,000 contract could erode 
the profits on a much larger piece of business. All that work 
wasted when the £20,000 could have, been covered for as 
litde as £80. 

In such an unpredictable trading environment, the cost of 
ECGD insurance seems a small price to pay compared to the 
damage caused by a bad debt 

ECGD is used by 4 out of every 5 companies who insure 
their export sales, and can tailor a competitively priced package 
to suit your individual needs. 

See your local ECGD Regional Director, 

before you see red. Export with confidence. 

EjaHWeHAM 021-233 1771. BBISTOL 0272 299971. CAIIBODGE 0ZZ3 68S91. CTEY.0F LOMOOH (Ur726 40SQL CB0VDON CEK80 5(SQ. GLASSOH 041-932 87Q7L LEEDS 0532450631. MMKHE5TB QQ-834 8181. 





i 


SANK 

oTATeneWT" 



-i-=. 

















^*^35,' 


* y. ^ j «j 


Marchl8 1987 






£? «. 

Ess? 

pM lb« CL 

is-*t ; 

feBc* ^ 

IwT sS 4 < 

pB til . 

Lf^aS,' •■> 

»Wu cf >. 
^ihe ?*■% 

-••■ 

gi> 


iMuki j£ 

ltfs»W 

iplpwr^j; 
si gr--*- •'" a 

Bur 1 — 


ywr ,' ■- - - 
* w -^ , * 
M** ^'-SS : 
Mw* «J '■— . 

*»"*■ 
j«w ► 

V 

• -T^ 

lw ?•-* r 5 


*, «*^r? .«- 

»ra - r -•: 

tf » ' J 


tel 


- * 

^ jnew' r -';/ 
^ J ^’- 


Pygmalion & Pido/DartforH 

MaxU>ppert 

^K^^SttiSKStSSSS T&-T&S? * £%* JtorB ^ 

a predsA^war^^^J™??* 1 *?“* Forey, as producer and 
RaSem? 6 °SSL ®LS! cbo i^ L graiAer « creates a 

iVffnSLn unm j£ spectacle. There are 

1ZSS*kEZ? IE! **5 <3* }5* dancers (as three 

. 5SK* S2S s) “* two athlete- 

BWh™t i. “** year’s. Brighton tumblers {azutchranixtie but en- 
J^E^thenswiftly withdrawn foyable) Roger Butlih’s design* 
jfcj**-- ™ (according to keep t£e chonisto Mack^: 

Sm!**** ^^B iiweeded rethink, the .. principals in black rad 

•w& i o5CS.rsfi?*S 

recasting of the central marble frieze (it re- 
-5S l k tlt 'L, Bile ' ® d Andrew : turns for Dido). .-;-... 

Zm^S. *?5 taken, over direction . But because Mr Parrott and 
n- hii ^ ? t -~ 0pcrft Bafoene his players give so vivid and 
ur cneatr^ Qn Friday the show stylish an account of the score, 
re-emerged, at: Cbe -OrchartL *R is well. Julian Pike, 'whose 
Oartfo rd, ag e very fair success, .^ery musical high tenor lacks 
worm cat ching on any -of the a .sumcfentty forward projec- 
company'a spring touring dates Jlon-of tone and weirds, Patricia 
(Scuftsea this week, Canter- «ozario (a meltinft wide-eyed 
bury, Eastbourne, Norwich and Statue), and Melanie Armit- 
JlJnflBfli thereafter), . stead (Cupid) are the leading 

- Pygmalion is g slight piece R *F e * q ‘ s orn>te » »«► 


THE ARTS 

Archilectiire/Colin Amra 


Robert Adam’s Kedleston legacy 


me * delightful one, an ideal 737^5 ™ *w 

curtain-raiser, a was noimlar de m and in g, mid it is to 

SfitSdE 

meant »tw #h«.- _ -™ - static V»d rather 


love for a statue of Us; Cdphise. 

formerly bis beloved, re- 
pxofcdies him for the obsession: 
he: prays to Cupid, and marble 
becomes- 'flesh; toe. statue sings 
of .her love fat the. sculptor; and 
.general reloidng follows, - in 
song and (mainly) dance. 

That something, so dramatic- 
ally. slender should prove so 
captivating owes everything to 
the extraordinary delicacy and 
economy of the music, with its 
wondrous turns of harm nay 
(at, for instance, Cupid's first 
appearance), its points of bril- 
uKUt. instrumental colour - and 
dashes of rhythmic energy, its 


rwTTT7*T! 


extra weight on tiie «j«g tor . 
and here the level is even 
higher. Elzdan James gives 
a wonderfully tmpamiflned , 
focussed, and nmsically. sens!* 
tive account of ' JHdo— as a 
Purcell' mezzo-soprano she man- 
ages to be both M authentic " 
(with admirably taut phrasing. 
Pointed nse of omaraent, pre- 
cise application of vibrancy) 
Und theatrically commanding. 
Miss Rozarlo’s Belinda, Peter 
Harvey’s Aeneas, and Alex- 
andra Mercer’s Sorceress are 
well in toe picture. Hie First 
Great Masterpiece of English 
Vera seems as great as ever. 


James Paine most have been 
quite a gent When his patron, 
toe first Lord Scarsdale, ap- 
pointed the nurae fashionable 
Adam brothers to complete 
Kedleston he was generous 
enough to write. The noble 
owner has placed this great 
work in the hands of those able 
and ingenious artists, Messrs 
Robot and James Adam.” Paine 
even pleaded that he had so 
many other Mwnwtd""^ in toe 
country that he had begged to 
be excused from Kedleston. 

We can surmise today that 
Ifie noble patron in toe 17(108 
decided that Robert Adam was 
the man of toe moment, and it 
would be fartw+iig to know 
bow., well toe two architects 
jogged along during toe brief 
period . when Paine was work- 
ing on the North Front and 

AHarw W&g ' itorfgnlug i-pillng g 

and interiors: 

These squabbles and changes 
in taste pale into insignificance 
alongside the achievement of 
Adam at Kedleston. His work 
in. that great house is of such 
monumental moment that it 
outdoes all his later work. It 
is therefore marvellous to be 
able to examine at close quar- 
ters some 80 architectural draw- 
ings relating to Kedleston Walt 
— the house, landscape and fur- 
niture — on exhibition at toe 
RIBA Heinz Gallery, 2 X Port- 
man Square, London W2, until 
April 1L 

The exhibition has been 
arranged by Gervase Jackson- 
Stops and Leslie Harris; it is 
part of fund-raising activities to 
enable the National Trust to 


dement Crisp 


A second look at the Royal 
Ballet's -.hew Swan hake on 
Friday confirmed first-night 
feelings. ‘ The choreographic 
structure is , admirable. The 
fourth act; with its tenderly 
nriming swans and the soft 
sweep of its, dances, .Is a master- 
piece never before seen in this 
country, with the topper forces, 
and- in its first solo entry Rosa- 
Zyn Whitten dances with touch- 
tog rightness. Hue first act’s 
excess e s of tiecoratkjn- in de- 
sign and company performance 
are veasQy to be remedied by 
pruning one-third of toe set 
and costnnfing, and twotoirds 
of the posturing and predfcfa- 
hiifttej . .. of . the . supporting 
player^ ' who Indulge to like 
aame sort of activity in Mo non, 
Mveritofl.aiutaxiy otoet crowd 
scene they can get timir oprer- 
baty hands. xq* .»■ . 

H» dropping' -of trays of 


w - iMO B Bin n iBnnnBm 

is straight from., a pa immune; 
much of toe Tutor’s befcariocr 
cornea from Curig on Grimac- 
ing. The model of performance 
style is Deanne. Gergama, en 
beaut* and ideally subtle as toe 
Princess Mother; making a most 
distinguished return . to. toe 
Royal BaUet. ■ 

Subtle and ideal, too, was 
Stephen Jefferies as Siegfried, 
pfeytog throughout the evening 
with a tosecetion and a depth 
of feeing that wron^bf marvels 
to toe Ufrdde scenes, where 
he genented with Fiona Chad* 
wick's Odette an. emotional 
gravity all the more touching 
by to simpMaty. Finally, toe 
tost.. acto . pas de trws needs 
a change far to white costuming. 
The logic of- the trio's ■»«*£ 
race— tvo pupils from a ballet 
school partnered by a young 
pointer? — escapee me: let toe 
three be. dressed as courtiers, 
nd toen toe dean meats oc 
the dandng by Havana TJato; 
Karen Prisey and Antoony 
Dowses w» seem less like a 
-gtriosttoc exercise* 

These icarpfogs apart onede- 
roent cm Friday needed imme- 


diate rectification. At Thursday’s 
gala, Mark Ennler*s tempi were 
sometimes brisk; but by toe 
next tfight they had become 
posMvely cursory. The waltzes 
went aft breakneck speed, and 
tor the first time In my life I 
felt sympathy for those four 
cygnets when they rattled over 
toe stage as if pursued by 
. wolves. 

The score must breathe. The 
must breathe- n ot least 
In toe di v e r tisse ments of the 
ballroom, where the Royal 
soloists wQI never show that 
Leningrad expand veness of 
movement, that is required of 
them U they are harried by 
prestissimo* Fiona Chadwick 
: demonstrated a nascent gran- 
deur which wffl appear aB toe 
mom. heaatiftil when -toe 
farther opettout fcerperform- 

ance. Vn Friday there were 
passages where the daricdS 


tempi and by indecision of style 
—Odette^ mime narrative was 
an unseemly gabble. ■ Wa 
Chadwick has toe . technical 
power (none more so in the 
Royal Ballet) and the intelB- 
gence to take the doable role 
and make it boldly hers, er- 
p awHnj its phrasing and tiie 
very outlines of toe choreo- 
graphy. The Rival Beliefs 
dread politeness of diction is 
not hen, but dignity and ampBr 
tuds of manner are. 

Tn ni already 1M f aW * 
readlng ber relationship with 
the ever4mpresstve JefEerles 
brought many rewards of fee- 
ing truly stated, as in Odette’s 
gesture at tire end of her first 
encounter with Siegfried, when 
the young Prince takes her ex- 
tended hand, a compapt of last- 
ing - love beautifull y^ ma de. 
There is much to hope from his 
partnership to reveal the 
stature of this notably imagina- 
tive and sensible staging. It is 
not a ballet for tyre* It 
demands, and this fa the chal - 
lenge for the cmnpanyW future, 
performance by gifted and un- 
afraid artists. 



r-'X 


S' 

^-Vvr'.v : 

*AV- O ; 

I ■■■:• U t :\+ 


fi/2. . 

7 


V**v* 




A Rococo caodScstand of 
the 1750s from. Kedleston 

> r- mi 


raise tiie tost £2m they need 
to secure Kedleston for the 
nation for ever. The drawings 
will tour America in the effort 
to encourage donations towards 
the appeal to save what is un- 
doubtedly one of toe greatest 
neoclassical houses of Europe. 
(All profits from the excellent 
catalogue go to the Kedleston 
Appeal) 

The exhibition (which in- 
cludes a painting, fay Jan 
Griffier of the old Kedleston, a 
red brick house probably de- 
signed l*r Smith of 'Warwick, 
which was only 20 years old 
when the new grand vision of 
Kedleston was began) offers a 
highly important series of 
drawings that, in themselves, 
depict the development of Neo- 
classical ideas in England. The 
drawings of toe variations upon 
the South Front with and with- 
out tiie pavilions help to ex- 
plain Adam’s theories about 
•* movement " in architecture. 

To see the drawings of a 
piece of architecture so well 
known is a way of learning to 
read dues to the inspiration of 
a great design. The combination 
of • triumphal arch with a 
dome is in fact a startling one. 
The contrast of toe convex 
dome and the concave nature 
of the perron (curved flight of 
steps) below are the basis of 
a rare and intriguing design 
that depends upon the play of 
light and shadow. Seeing tiie 
drawing iff toe South Front, 
dated 1760, with the two wings 
that Adam wanted, with their 
Venetian windows, only makes 
me feel sad that this /mating 
composition was never com- 
pleted. 

James "Athenian" Stuart's 
(Adam’s rival) designs for 
decorat i ng a State Room, pos- 
sibly a specific one at Kedles- 
ton, are also shown here. They 
provide an instructive glimpse 
of the sources of some of 
Adam’s ideas. Familiar as we 
are with the “Adam ” ceifing. 
it is salutary to examine the 
original colours in the intricate 
drawings prepared in his office. 
Members of Lloyd's will have 
seen the newly restored Adam 
room from Bowood that Is now 
perched inside the Richard 
Rogers high-tech cage, and 
noticed that the colouring is 
stronger than is usually ex- 
pected, although it to accurate. 

'While modem architects 
grope for symbols and a 
"meaningful language " it is a 
joy to see how easily Adam 
understood and followed the 
wnmm of Classicism, and how 
universal it still is. His symbo- 
lism extended naturally to the 
fnnritnre; at Kedleston the 
major pieces of furniture all 
still s urvi ve and, thanks to the 
National Memorial Heritage 


Fund and the Appeal, will be 
able to stay in the house. 

One very delightful feature of 
the exhibition is to see toe care 
and concern that Adam lavished 
on toe landscape and toe mire* 
mental buddings is it His own 
drawings— they have the same 
touch as those of Clerisseau— 
are informal and romantic. 
They show a much more Arca- 
dian vision than the precise and 
geometric designs for toe in- 
teriors. This exhibition of draw- 
ings shows the sensitive and 
elegant underplmin^ for 
Kedleston. It to a timely and 
beautiful exhibition, and a 
geotie reminder that funds are 
still needed to secure for the 
nation every aspect of this 
eiysten vision. 

Until March* 27 there is a 
display of exceptional architec- 
tural photographs by Frank 


Yertmry (1885-1970) at the 
Archfaeotnral Association, 34-86 
Bedford Square, London WL 
Yertrary travelled in Europe in 
the 1920s and 1930 b and so was 
photographing toe pioneering 
buildings when they were new. 

ffis work was widely pub- 
lished in England and was a 
potent influence on toe develop- 
ment of modem architecture. 
The work of the northern Euro- 
pean countries inspired him, 
particularly Sweden and Den- 
mark and the architects of 
Holland. 

It is the high qnriily of bis 
black and white images that 
sings in this erMbfition. Hb eye 
was tree, bis sense of scale 
Immaculate. His work Is beauti- 
fully commemorated by the 
catalogue; the exhibition is a 
tribute to a man truly inspired 
by the architecture of hto time. 



Giant urns built for the Arts Decoratifs Exhibition 
In Paris In 1925 and photographed by Frank Yerbnry 


The Lost Ring/Stratford East 


Claire Armitstead 


The Theatre Royal has done 
so mueh to farther the lot of 
Afro-Caribbean theatre in Lon- 
don that it comes as some- 
thing of a surprise to find it 
making only its first sally into 
the Arfaw treasure house. On 
toe evidence of its handl i ng 
of this Sanscrit classic it wiU 
take some to fed. at home 
there. 

The Lost Ring is one of the 
stories from the epic Mahab- 
h grata tfr»t is immediately 
familiar. On one level a simple 
tale of a hermit gJrTa love for 
a king winning through, it 
comes to the stage via the 4th 
century playwright Kafldassa as 
a subtle and complex explora- 
tion of virtue and reward. 

When tire ring with which the 
king pledges himself to hto 
bride to spirited away, he for- 
gets his vow: only when it is 
found hi the belly of a fish and 
returned to him is honour re- 
stored. Although Jeff Teare’s 


programme note draws atten- 
tion to the philosophical under- 
pinning, his direction to such a 
hotch-potch of styles that the 
dignity of toe story to largely 
lost. There to a sense through- 
out of tradition learned from a 
textbook . of compromise to an 
idea of Western appreciative 
founds that to needlessly 
patronising. 

To be fair, toe show will un- 
doubtedly improve as it matures 
and rightpne up. Even now it to 
not entirely without plus points 
— notably its use of live music 
played on a range of instru- 
ments by the excellent Baluji 
Srivastav in a tradition which 
employs rhythm and tune as 
punctuation: feather • light 

drumming and strumming 
erupting into rolls and surges 
at moments of dramatic signifi- 
cance. The fact that toe two 
young dancers brought in at one i 
point for a speciality turn have 
to to a tinny, taped 


accompaniment seemed part at 
the unease of a production 
which suits the elaborately 
stylised gestures of Indian 
classical drama to an adaptation 
that tries to be idiomatic, and 
fits traditional masks on c omi c 
ca ri catu r es that are entirely 
English. 

The love story Itself has its 

nwmwita, thnnf jh Kristine 

Formation of Glasgow 
Youth Jazz Orchestra 

The Glasgow Youth Jam 
Orchestra, asse mb li n g young 

frngtTtimgntalig tg from CTH? 

part of Scotland, will be 
launched during the Glasgow 
International Jazz Festival *87, 
which takes place between June 
26 and July 5. 

Appointed as musical director 
to Bobby Wishart, the Scots 
flautist and saxophonist who to 
a music teacher in Renfrew- 
shire. 1 


Arts Guide 


MuSttMondBf. opera and BaBW/TUesctay. Thartra/Wwftws- 
day. BMbMoos/Thursday. A selective guide to aS the Arts 
appears each Friday. 


LandooSmlth seemed more at 
ease in the genre than Lyndam 
Gregory as her wimpish suitor. 
In Alan Cowan's portrayal of 
Madyava, gluttonous companion 
to toe king, there is a vein of 
coarse comedy that, particularly 
early on, seemed straight out of 
Carry on up the Khyber. Signi- 
ficantly, 1 should imagine, he 
did not raise many laughs. 

British premiere 
of German play 

The Almeida Theatre, Isling- 
ton, is to present toe British 
premiere of German playwright 
Botbo Strauss’s The Tourist 
Guide from April 6 to May 2, 
with a cast of Paul Freeman and 
T&da Swintoo. 

The play to translated by 
Anthony Vlvis and Tinch 
Min ter, directed by Pierre Audi, 
and has original music com- 
posed by OHver Knussen. 


March 13-19 


Music 


PeterWa- 

ideEAthe- 


Yfaufisdr SphaJow, vw&s Mozart, 
Shostakovich, Tc haikov sky (Mon). 
SaBe Gevean (45632030). 

On la aim Cotonor adddre nrroet - 
ed by Jean Soutisse, vocal ensemble 
Andite Nava: Liszt. Fame (Mm). La 
T Vinfo * church (42337288). 

Ylwfimfr SjHvakov, viotin, Yh u fi n rtr 
Krainev, piano, Tamara Smyavsk- 
aya. Bohtofs aesto^opm Bach, 
Shostakovich. Mozart (Toe). Salle 

Flos: Weber, Bruckner fWed.'Ifanr), 


Salle Pleyel ( 45630796 , ipiu- 5 pm). 

Bneaflie Orchestral de Paris con - 
lasted by A mrin Jordan, Dame Jan- 
et Baker TffimM. Mozart, Mahler 
(Thnr). TMFChatdet (42334444). 

~ BRUSSELS 

pkiaft Dcs BeeaxArW (512504* Fes- 
tival Strings of Lucerne con d ucte d 
by Bndrif Baumgartner -fflfadtf. 


BBC Concert Orchestra conducted by 
Tjpio Britay with Ekkhren 
Hanky, soprano and Steph en Rob- 
erts, baritone. Fame and Walton. 
Royal Festival Hall (Tfanr). 

BBC Symphowy Orchestra and Chonu 

and BBC Singers c o n ducted fay Sr 
John Pritchard. Dvorak, ffibeKaa 
and the first British performance at 
Szymanowski’s Haniasia. Royal 
Festival HaB (WedL 

Bn^IKM String pna rlel w it h Donrias 
Boyd, oboe, Steven Isserlia. cello 
end Offi Mustonm, piano. Britten 
and Shostakovich. Queen FHxabeth 
Ball (Tbnx). (B283191). 

NETHERLANDS 

Amsterdam, Coacertgebocw. The Le- 
onid Haatmi Piano Quartet (Mon). 
Huab Kerstens conducting the Xen- 
■iris ftiwmW with Aki T wVeharili. 
piano: (Tue). The Con- 

certeebouw Orchestra condu cted by 
Kent Nagano, with Michel Bfaofl, 
p;*nw Tatemitso, Messiaen. Jan* 
r~k (Thnr). Radial Hall: Dutch 
chamber music, with Ton Koopman, 
harpsichord (lion). Jaxd van Nts, 

■ Tax- J Lm flA—l 


m. Usd, Beethoven (Mon). 
(51 61 91). . , . 

Eindhoven. Schouwburg. The Leonri 
Hambrow Piano Quartet Bernstein, 
Mozart. Fun*. Dukas, Gershwin 
flhur). (111122). 

Groningen, Oo nt erpoo rt . ifiicha Mate- 
ky, cello, Steven Hoogenberk, ptano: 
Stravinsky, Bach, Schubert. Bloch. 
Paganini (Tue). Wim van Beek, or- 
gan, and tiie Ibonkanst da te Wi- 
dow. Franck (Wed). (131044). 


Madrid. Orqaesta y Coro Nadonales 
An pjpwnj, conducted by Walter 
Writer with violinist Domingo To- 
mas: Mozart "M Tchaikovsky. 
( Wed ro d Thar). Or qu es ta y Coro de 
BXVE conducte d by Heinz Fricks: 
Mozart, Devfenne and Bruckner. 
(Thnr). Teatro Re&L Garbs BL 
Barcelona: Chamber Orchestra of 
Prague. Bach. Mozart and Varisek. 
Pain de la Musba Ca t ala n s. 
Amadeo Vtves L (Xhor). 


W3wf Teatro alia Scala: Amsterdam 


TSpo. Scarlatti. Beethoven and Scfare 
mann (Wed). (393 SOIL 

Borne: Teatro Ghione (Fla Ddle Fcr- 
nari 37): Atasaaodra Bammed, piano. 
Scarlatti, Testa, Men d el ssohn and 
Chopin (Thur). (6372294). 

MEW YORK 

Mnsk at the Onssroads (Whitney Mo- 
seam Branch): The mir'd annual 
American Sampler this week fea- 
tures the Jimmy Heath Quartet and 
Jimmy Heath and his T -***n Jazz 
p erform ing c ontemp orary jazz. 
(Die, 8pm). Sculpture Court Philip 
Morris mag, 42nd & Park. 

Carnegie Hall: Amedeos Quartet with 
Bruno Cantao piano. Mimj pro- 
gramme (Wed); Orchestra Natfamal 
de France. Lorin Masse! condocl- 
bg. Mixed programme (XhmL 

NCTY^kilhannnrie (Avery Ffadier 
Hall): Mstislav Rostropovich con- 
ducting. Prokofiev, Tchaikovsky 
(Toe); Mstislav Rostropovich con- 
ducting, GflHna Vishnevskaya so- 
prano, Anthony RdfeJohnson ten- 
or, John StizkiyQiiirit baritone and 
Westminster Choir directed by Jo- 
seph Fhm u nerieH. Britten (Thur). 


I * i T i 1 M T I I i tii ill 


( 




1 ^ iJiMtf 1 * m 1 1 ■ ™ l '™ —f ^ 

^ - 1 %■ 1 • • r . ’ rfe i 





Michele Ward and Joan Campion 

My Mother Said I Never Should 

Michael Coveney 


The diversity and vigour of 
theatrical life in the North 
West are given further illustra- 
tion in the Contact Theatre 
Manchester’s presentation out 
on the Oxford Road 'of two new 
works by relatively new play- 
wrights. Cindy Artiste’s 
Dream frith Teeth is back this 
week, while Charlotte Keatley*s 
My Mother Said 1 Never Should 
returns by popular demand on 
March 23. 

Ms Keatley’s collage-like 
examination of mothers and 
daughters across four genera- 
tions bristles wtth intelligence, 
sensitivity and many good lines 
(** I may be as. old as toe Queen 
Mother,** Bays Doris the great 
grandmother, “but I buy all 
my smalls in Top Shop "). 
There are similarities with 
Shannon MacDonald’s When I 
Was a Girl I Used to Scream 
and Shut, but Ms Keatley pre- 
fers a wider, raking approach 
to toe problems of maternal 
misery and filial impiety. There 
to not one domestic flash-point, 
but many, stretching from 
Doris’s engagement and job pro- 
motion in Oldham in 1923 — a 
blush of joy with which toe 
piece ironically ends — to the 
packing-up of clothes and 
memories In a Gheadle Holme 
house and toe farmlng-out of 
bay Rosie by her working single 
mother, Jackie, to tiie mother’s 
mother Margaret (Daria’s 
daughter). 

The method of construction 
to transparent; scenes brutally 
juxtaposed to achieve stark elu- 
cidation of, for Instance, how 
mothers in London reacted to 
learning. In 1961, that a 


daughter was on the pill (“As 
long as it doesn’t affect your 
A-levels ”); or bow, when 
Margaret reports that her 
husband has left her, Doris 
remembers the moment she had 
ceased to be an object of sexual 
desire. The scenes do not always 
cohere with equal force or tex- 
ture, But a sustained middle 
section, toe house-clearing for 
auction, shows toe playwright 
can weave denser patterns when 
required. 

The title’s nursery ov e rtones 
are reflected in the least suc- 
cessful passages, a general play- 
ground girlishness laced with 
revenge motives and a seance 
to unleash a curse on all 
mothers. But what is refreshing 
is Ms Keatley’s predilection for 
mixing toe brew. The. produc- 
tion by Brigid Larmour Is alive 
to this style, overlaying the text 
with a dream-like surreal 
quality interestingly evoked in 
Nettie Edwards’ design 
arrangement of such floating 
material emblems as a down- 
stage swing, a solid grand piano, 
tiie Viatig ia g bough of a cherry 
tree, a sudden, almost potent, 
pot of pink geraniums, a 
laundry basket. 

The acting is of an excep- 
tional luminosity and skill, Joan 
Campion's Doris one of the best 
studies of reflective but jocund 
old age I have seen in a long 
while, worthy of Mona Wash- 
bourne at her best. Michele 
Wade is the incisively tempera- 
mental child, and Jenny Howe 
and Jane Paten are adept at 
switching both dress and Inflec- 
tion to suit whatever decade 
they happen to visit 


Ghetto/Riverside 


Martin Hoyle 


The word “ghetto* though 
not the concept behind it 
originated in Renaissance 
Venice. Seamus Finnegan's 
Ghetto at the Riverside Studios, 
Hammersmith, emphasises toe 
role of Mother Church in tills 
institution. (Oddly, since tiie 
Borgia pope Alexander VI had 
shrewdly welcomed Jewish 
refugees with open arms after 
their expulsion from Spain in 
1492.) 

•Hiis new play t antallsin gly 
touches on fascinating aspects 
of ChristteJndaic relations — 
the enforced confinement 
during church festivals, the 
Jews of mixed blood who tried 
to “pass," much as halfcastes 
once tried to pass for white — 
before plunging into stagger- 
ingly crude melodrama which 
Mrs Henry Wood would have 
considered far-fetched. 

Janey Gardiner’s set, back- 
cloths with bold, blurred Im- 
pressions of pillared interiors, 
crowds and bustling splendour, 
looks welL So do tiie period 
costumes, sumptuous by fringe 
standards. But the plot Is 
broken-backed, toe thoughts 
banal, the language curiously 
Victorian. The story’s crea ki ng 
contrivances reduce the char- 
acters to such cries as “My dear 
lady, who are you and how did 
you gain entrance to my study?” 
Annie BaJtfs remorseful out- 
cast, appearing in the priest’s 
sanctum (Timothy Davies's 
prelate to more a rugger- 
playing school chaplain than a 


Counter-Reformation man from 
La Serenissima, though he does 
pinch a young musician’s cheek 
in a cautiously decadent way), 
leaves her route unexplained 
but declares: "I am this 
scoundrel's mother!* of randy, 
gold-dad Giorgio. 

As the latter, David 
Morrissey’s stilted demeanour 
grows even more sheepish when 
described as "a deprived, wild 
animal that stalks toe sewers 
of Venice.” In the brisk ex- 
change of cliches that ensues, 
he counters with “ whited 
sepulchre!” while Miss Raitt 
rashly opens a second front by 
emitting strangulated breaths, 
as if from a leaking balloon, 
at the priest: “You — are — - 
seared — Father Rocca — 
geared.* “ Damn yon, woman! * 
to bis unavoidable reply. 

Jon Romney’s bereaved 
paterfamilias (shades of 
Spanish Tragedy) rallies his 
maker with “I asked You for 
a sign— why did You have to 
give me such a cruel one?” and 
for a second Z thought I was 
back with Topol at the previous 
evening’s Fiddler on the Roof 
in Manchester. No such luck. 
Julia Pascal's direction runs to 
stately groupings but never 
lifts most of toe acting above 
toe frightful- On this showing: 
Mr Finnegan, the boxing corre- 
spondent of the magazine City 
Limits, lacks a feeling for lan- 
guage, an instinct for character 
and a knowledge of construc- 
tion. 


Saleroom/Antony Thomcroft 


Tokens of a king 




■■■■■ 


While Sotheby’s is over- 
exciting toe media with toe sale 
of toe Duchess of Windsor’s 
jewels in Geneva on April 2-3 
— at minimum reckoning the 
£5m estimate should be doubled 
and possibly trebled— Christie’s 
has its own slice of royal in- 
trigue this week. 

On Wednesday it is offering 
three of toe presents that King 
Edward VX1 showered on his 
mistress AUce KeppeL They 
include a gold-mounted riding 
whip with a top estimate of 
£3,000; it carries toe Prince of 
Wales feathers at its top. There 
is also a miniature of the King, 
and a gold-coloured notecase. 

There to considerable human 
interest surrounding another 
lot at Christies, a striking 
clock-watch to be sold on the 
same day. It has been blamed 
for toe loss of Sir Cioudsley 
Shovel), Admiral of the Fleet, 
along with she ships off the Isles 
of SciUy in 1707. 9ir Cioudsley 
based his navigational calcula- 
tions on his watch, with lament- 
able results. He managed to 
crawl ashore and a local 
woman, after checking that he 


momenta. 

There is actually a happy 
ending. The scale of the 
disaster persuaded the Govern- 
ment of toe day to offer the 
considerable award of £20.000 


for a timekeeper that could 
accurately measure toe East- 
West position, and Harrison and 
Mudge developed non-commer- 
cial timepieces while Arnold 
and Earnahaw came up with 
the chronometer which led both 
to Greenwich Mean Time and 
the establishment of British 
naval superiority in the later 
18th century. The ill-fated 
watch is estimated at £2,000. 

Sutton Place has had some 
famous owners in recent years, 
most notably J. Paul Getty. It 
has now been acquired by 
another rich American, 
Frederick Koch, who will house 
his excellent collection of 19th 
century art there. As a result 
tiie house is to be cleared of 
its existing contents at an 
auction organised by Sotheby’s 
at its Summers Place saleroom 
in Sussex. 

There is nine good oak. in- 
cluding a 17th century refectory 
table which might make £8,000, 
and a Charles I serving table 
with a top estimate of £5,000. 

Also at Sotheby's today, in an 
Islamic sale, a silver laid 
incense burner, made in 




comes under the hammer. 
When brought in to the Front 
Counter in its filthy appearance 
made It seem valueless. Now. 
recognised and cleaned, it 
could sell for £15,000, 










IS 


Financial Ha» *** ” 1ZZL 


FINANCIALTIMES 

BRACKEN HOUSE, CANNON STREET; LONDON EC4P4BY 
TfeteQramszFinantono, London PS4. Telex: 8954871 
Telephone: 01*248 8000 


Monday March 16 1987 


A time to 

rebuild 


WHEN MANAGERS of multi* 
national companies find that 
their dealings with union 
officials are more constructive 
in Britain than in Germany or 
the US, it is time to take notice. 
British Industry still has deep- 
seated weaknesses, of which 
training is an example. But 
several thing s have changed for 
the better in the last five or 
six years. There is now a 
chance of regaining some of 
the ground lost to foreign 
competitors over the past three 
decades. Among the reasons for 
optimism are industry's greatly 
improved financial position, the 
recent fall in sterling which 
has increased the profitability 
of exports and — more funds- 
mental hut less easy to quantify 
— the reshaping of companies 
and factories to achieve higher 
standards of performance. A 
great deal of capacity has been 
stout down. Most managers 
have been preoccupied with 
cost-cutting and rationalisation. 
The question now is whether 
they can raise their sights. 

Better management is mos t 
visible in some of the country's 
largest companies, but it is not 
confined to them. A common 
thread has been greater clarity 
of vision about objectives, lead- 
ing to the allocation of re- 
sources for those sectors in 
which the company has a 
realistic chance of remaining 
or becoming internationally 
competitive. The sale of 
peripheral businesses by groups 
such as TI and GKN has been 
part of this redefinition of 
goals. At the same time the 
divesting operation has often 
ended up— perhaps through a 
management buy-out — in the 
hands of more single-minded 
owners and has thus become a 
nucleus for growth in its field. 
Takeovers, or the threat of 
them, have played some part 
In all but probably not a 
central one. If the apparent 
cooling of take-over fever 
leaves companies to put more 
emphasis on organic growth, 
so much the better. 

Exerting authority 

Another strand has been the 
recovery of management self- 
confidence. Companies have 
faced up to decisions which Is 
the 1970s were thought too 
difficult or too disruptive. No 
doubt this is partly due to the 
weakening of the trade unions 
which in the past has bees an 
obstacle to change or at least 
an excuse for postponing it 

But it is not just a matter of 
managers exerting their 
authority. Tfiere are signs of 


greater understand ing and 
collaboration between manage- 
ment and employees and this Is 
rejected in innovative 
approaches to dispute settle- 
ments and payment systems. 
New foreign investors, 
especially the Japanese, have 
often led the way. 

The changes have been forced 
<m companies as a result of 
competitive pressure. That pres- 
sure needs to be m a i nt a in ed— 
through appropriate exchange 
rate policies, through removing 
barriers to Imparts and through 
a genuinely competitive attitude 
to government purchasing. The 
idea that 1 toe way to develop 
world leaders ds to give them 
« protected home market should 
by now be burled. 

International leadership must 
be the goal, for large and small 
companies alike. It is true that 
come sectors of industry have 
fallen so far behind, and Import 
penetration is so high, that 
recovery will be very difficult 
Passenger cars are an extreme 
case. But even here the export 
performance of UK-owned com- 
panies particularly Jaguar and 
to eome extent Rover, is improv- 
ing, while resourcing policies of 
Ford and General Motors are 
shifting in Britain’s favour. 

Interest rates 

Fears have been expressed 
that some companies are close 
to the limits of their produc- 
tive capacity and tint they will 
respond to strong demand by 
raising prices and wages. More- 
over with interest rates at their 
present levels investment in 
additional capacity Is said to 
be hard to justify in terms of 
return on capital. Clearly the 
downward trend on Interest 
rates needs to be maintained. 
Bat it is also important that the 
entrepreneurial instincts of 
businessmen should be strong 
enough to move beyond the 
defensiveness of the last few 
years. 

Having scaled back their 
operations to a site and shape 
at which they can function pro- 
fitably. b usinessme n have to 
move into a higher gear. The 
objective should be expansion 
rather than survival. The 
smaller entrepreneurial com- 
panies, whether formed by 
start-ups or management buy- 
outs. need to aim for something 
more than a respectable niche 
in the domestic market Not 
every company can match the 
ambitions of a Glaxo in pharma- 
ceuticals or an ICI in the world 
paint industry, but the oppor- 
tunities to rebuild the UK’s 
share of export markets have 
rarely been better. 


Protectionism and 
national defence 


THE REAGAN Administration 
should strongly resist pressure, 
coming mainly from the Com- 
merce Department to prohibit 
on national Interest grounds the 
proposed takeover by Fujitsu, 
the Japanese electronics group, 
of Fairchild, the semi-conductor 
company. The US has been 
arguing, in Gatt and other 
forums, for a concerted effort 
to remove obstacles to the free 
flow of capital; the protection of 
M national champions ** from 
foreign take-over is rightly re- 
garded as one of the distortions 
that should be eliminated. For 
die US to go against its own 
principles in the Fairchild case 
would give the wrong signal to 
the rest of the world. 

At stake are two questions of 
increasing importance to the 
debate on international trade. 
How far should countries which 
support free trade be prepared 
to go in opening up their domes- 
tic markets to foreign Invest- 
ment and their public procure- 
ment to foreign suppliers? And 
where should they draw the line 
when it comes to Issues of 
national security? 

To answer the first is easier 
than the second. It is quite 
simply “a very long way” as 
most US trade officials would 
readily admit. The Reagan 
Administration has long ex- 
tolled the virtue of free invest- 
ment flows and open public 
procurement policies- Free in- 
vestment is a key plank of Its 
proposed trade agreement with 
Canada. Open public procure- 
ment is the cornerstone of its 
argument why Germany should 
liberalise its telecommunica- 
tions sector, as well as its so 
far unsuccessful attempt to open 
the Japanese market to US 
supercomputers. 

Economic sense 

Viewed from this perspective 
the case for blocking the Fujitsu 
bid is extremely weak. Though 
it has recovered from the worst 
of the recession in the US semi- 
conductor industry, Fairchild 
needs the extra investment and 
technology that its prospective 
Japanese parent would bring. 
For its part Fujitsu would 
acquire a strong distribution 
system in the US, a market in 


which It lags behind competi- 
tors such as NEC. 

From the standpoint of the 
companies themselves, the com- 
bination thus makes sound eco- 
nomic sense, aH the more so as 
Fairchild has been under the 
auctioneer's hammer for some 
time and no US buyer has 
been found. A possible obstacle, 
which the Justice Department 
is still investigating; is that the 
bid would contravene US anti- 
trust regulations. Fairchild 
denies that this would be the 
case. 

The water becomes muddier, 
however, when one considers 
national security. Fairchild Is 
the second largest supplier of 
micro-chips to the US military. 
Although quite a large propor- 
tion of these chips could be 
bought elsewhere, some of them 
are special to Fairchild. 

National security is not a 
simple question of Fairchild 
passing into foreign hands — it 
Is already foreign-owned, by the 
Schlumberger group— but there 
appears to be a more broadly 
based anxiety. Opening the 
door to one takeover by a 
Japanese company of a US 
semi-conductor business might 
unleash a wave of *imiin r pm-, 
chases. US semi-conductor firms 
have been badly hit by competi- 
tion from Japan. Now they are 
vulnerable to foreign predators, 
especially Japanese companies 
with appreciated yen to spend. 

Underlying motive 

There must be a strong sus- 
picion that national security 
issues are being used to sup- 
port crude " industrial policy” 
arguments— that the health of 
American electronics would be 
damaged if a substantial part 
of the semi-conductor industry 
was owned outside the US. It is 
hard to see much force in either 
argument From the point of 
view of US defence procure- 
ment, the country would prob- 
ably gain from a less protec- 
tionist approach both to foreign 
ownership of ' defence con- 
tractors asd to purchases of 
equipment from offshore sup- 
pliers. Japan, after all is a 
close ally of the US and has 
technological skills which 
should be valuable to the US 
defence effort 


MR CHIRAC AND THE PRESIDENCY 

Right platform, 
but may be 

the wrong man 

By David Housego in Paris 


I N THE LAST, difficult year 
of ’'cohabitation," French 
politics has bad the look of 
one of those fairground enter- 
tainments, where volunteers 
are invited to step forward and 
challenge the champion. 

men, a year ago today, 
Mr Jacques Chirac stepped into 
the ring, as Prime Minister at 
the head of a right-wing coali- 
tion, be looked to have a strong 
of outboxing rival can- 
didates in the run-up to the 
1988 presidential elections. 

The economy was poised to 
reap the windfall benefits of 
failing oil prices and a weak 
dollar and France seemed ready 
for Mr Chirac’s agenda of 
privatisation and freer markets. 
After a major U-turn on 
economic policy, the Socialists 
looked directionless. 

A year later, things are not 
so simple. The economy has 
staHed at a lower rate of growth 
(around 2 per cent in 1987) 
and a higher rate of both un- 
employment and inflation than 
expected. France thus finds 
itself slipping behind Britain 
and Italy in the growth race; 
Mr Chirac warned a few days 
ago that the full fruits of 
economic success were unlikely 
before 1992. 

In spite of these tilings, the 
overall balance of strength 
between the parties remains 
firmly in the rights favour 
with the electorate split on a 
54:46 ratio according to the 
latest polls. What damages Mr 
Chirac are the divisions within 
the right— with the extremist 
National Front attacking from 
one ride and the centrist UDF 
grumbling from the other. "The 
only tiling that could make us 
lose are our internal 
squabbles,” says Mr Alain 
Juppe, Minister of the Budget. 

By the weight of his silence, 
his half-voiced criticisms, and 
the impression he conveys that 
France Is misting the boat, Mr 
Raymon d Barre, the former 
Prime Minister, has both 
indirectly undermined Mr 
Chirac, while strengthening his 
own case to take over running 
tiie administration. He is now, 
according to the opinion polls, 
the most favoured candidate for 
the presidency. With 57 per 
cent of voters expressing dis- 
satisfaction with Mr Chirac, the 
Prime Minister finds himself 
the least favoured of the major 
presidential candidates. 

It is these divisions rather 
than any strengths of its own 
that gives the Socialist Party its 
chance in next year's election. 
Mr Mitterrand, who would be 
the most popular candidate on 
the left, has yet to make clear 
whether he will stand. He will 
be 72 next year and looks reluc- 


tant to run. But he rides being 
blamed for the defeat if he 
keeps out of the fray. 

Thus half way through "co- 
habitation” — the ugly name 
given to power sharing between 
a Socialist President and a con- 
servative Prime Minister — 
there is much debate about the 
lessons to be drawn. 

The most widely acknow- 
ledged of these is that cohabi- 
tation has been administratively 
clumsy and self-defeating and 
is thus unlikely to be repeated. 

In its early months cohabita- 
tion was popular because it 
seemed to fulfil a long-stand- 
ing French dream of consensus 
in national political life and 
because it appealed to place a 
restraining hand on the unpre- 
dictable reformist ambitious of 
Mr Chirac: At the same time, 
it did not stop the Government 
putting through a hefty legisla- 
tive programme that included 


Political ali gnm ents 
are taking place 

which cut across 
traditional boundaries 


privatisation, deregulation and 
tougher law enforcement 

In practice cohabitation has 
presented a wonderful oppor- 
tunity tor a subtle President 
Mitterrand to use the prestige 
of his office to undermine Mr 
Chirac’s policies. 

A visitor from Mars dropping 
in on a briefing at the Presi- 
dent’s office in the Elysee 
palace would be amazed at the 
fire brought to bear against the 
policies and programmes of a 
g ov e r n ment over which the 
head of state officially presides. 
In his public stances, Mr 
Mitterrand’s expressed sym- 
pathy tor the students in 
December and his reception of 
striking railway workers 
shortly afterwards undoubtedly 
encouraged demonstrations and 
strikes that provoked the slide 
in Mr Chirac’s fortunes. The 
majority of Frenchmen is now 
against cohabitation. 

On the positive side, Mr 
Chirac’s year of government 
has shown that the shift in 
France towards a more market- 
oriented economy and a reduc- 
tion in tiie role of the state — 
and thus away from the con- 
trols and regulations so long 
cherished by French adminis- 
trations — is part of a funda- 
mental movement in French 
society and probably Irrever- 
sible. 

A substantial body of de- 
regulation — including the lift- 
ing of price and exchange 


controls, the management of 
monetary policy through the use 
of interest rates, the opening of 
the SnawHai markets, the end- 
ing of the brok er s’ monopoly in 
Bourse transactions, the easing 
of takeover procedures and 
even privatisation — has now 
been carried through and is un- 
likely to be called in question 
by a future government 

It coincides as well with a 
convergence among the .main 
political parties over the macro- 
economic objective of holding 
down inflation and strengthen- 
ing company profitability. What- 
ever hesitations the French 
might have over opening public 
pur chasing to foreign competi- 
tion or relinquishing any 
particular monopoly, the EEC’s 
aim of creating a single market 
by 1962 will continue to push 
them down the path of 
decontrol. 

The disappointment for Mr 
Chirac’s administration has been 
the economy’s slowness in 
responding to this more free 
market climate. Employers 
were quick to react to the earing 
of redundancy procedures to cut 
bade their workforces — thus 
p ushing up unemp loyment — but 
the improvement in corporate 
profits has been used more to 
retire debt than to boost invest- 
ment Thus, Mr Chirac’s boast 
that his conservative administra- 
tion would generate a climate of 
confidence and accelerate 
capital spending has been 
fr u strated. 

This sluggishness in the 
economy, however, is probably 
also due, in part to the some- 
what blurred signals that Mr 
Chirac Initially gave to the 
business community. There 
was much talk of providing an 
economy of ‘liberty” and of 
lower taxation. But there was 
not that single-minded emphasis 
on cutting public sector deficits 
to make room for industrial in- 
vestment which West Germany 
adopted and which Mr Chirac 
now seems to see as at the root 
of his neighbour’s success. 

At the same time France’s 
sharply shrinking surplus on in- 
dustrial trade over the last year 
and its 2J percentage points 
loss of market share m world 
exports of manufactured goods, 
have shown ttoat the overall 
competitiveness of French in- 
dustry was much weaker than 
believed. France has suffered 
from a long backlog of inade- 
quate investment: In both pro- 
ducts and markets its industrial 
exports have been too heavily 
geared to the developing coon- 
tries and those of the Organisa- 
tion of Petroleum Exporting 
Countries which have been 
most squeezed by the fall in oil 
prices and the debt crisis: and it 
is increasingly suffering from 



an overvalued currency which 
for political reasons is pinned 
to fee D-Mark. 

In fairness to lb Chirac, 
another element in the problem 
is the conservatism of his 
countrymen, particularly when 
change dashes with other 
cherished values of “ equality " 
or with certain powerful lobbies. 

“In France you need to fol- 
low free market policies, but 
without publicly saying you are 
doing so," says Mr Bruno 
Durieux, a UDF deputy and 
former adviser to Mr Barre. 

On one score, however, Mr 
Chirac hag done elec- 

toral damage— by abolishing 
the country’s wealth tax (in 
the name of promoting free en- 
terprise) and by pushing 
through at about the same time 
measures to esse redundancy 
procedures. These two decisions 
were rapidly exploited by the 
Socialists as benefiting the rich 
and undermining the protection 
of employees. 

Even more serious errors were 
the legislation which recog- 
nised the introduction of selec- 
tive entry to the universities 
and provoked student- demon- 
strations and the proposed re- 
forms in the French railways 
system that would have made 
pay increases more dependent 
os merit than on seniority. 

The Government has been 
forced to reoosiise the strength 
of the backlash to its free mar- 
ket enthusiasm and has put on 
ice much of its future legislative 
programme. In what marked 
the major turning point in Mr 
Chirac’s administration, the 
Prime lEnister announced in 
January that h is policy em- 
phasis would be on renewing a 
dialogue with the unions and on 
social measures including more 
help for the long-term unem- 
ployed and improved training 


and apprenticeship programmes. 

Mr Chirac’s second term as 
Prime Minister — he also beaded 
foe Government in 1974-76— 
has thus brought out his 
strengths and weaknesses. His 
major asset is steamroller 
energy of a kind needed to 
fight a presidential campaign. 

But the strains of cohabita- 
tion have also brought out foe 
old-fashioned, city-ball politi- 
cian in Hr Chirac— he is still 
mayor of Paris — which sees in 
government a means of manipu- 
lating power and patronage. He 
sowed . distrust among bis 
coalition partners at foe outset 
by keeping for his neoGa nlUs t 
Bin party an overriding num- 
ber of the key government posts. 

Be has also used unscrupulously 
the reorganisation of the tele- 
virion fihannp. 3a to ensure foot 
control is transferred to politi* 
cal allies, notwithstanding fine 
words on guaranteeing their 
independence. 

His government was equally 
barefaced in trying to lean on 
foe judiciary in the trial of 
Georges Ibrahim Abdallah, foe 
Lebanese terrorist, to secure 
him a lenient s ente nce- 

The campaign for the presi- 
dential elections wfiX thus open 
against a background in which 
the wiahi ideological divisions 
between right and left are dis- 
appearing and in which political 
realignments, are taking place 
that cross traditional boundaries. 
There is now a large number of 
ministers from both the former 
Socialist Government and in Mr 
Chirac's who would have no 
problem in serving in adnmd- 
strations led by Mr Barre, Mr 
Mitterrand or Mr Michel - 
Rocard, the most likely Social- 
ist candidate if the President 
does not run a gain. - 

Equally indicative of foe 
chang i n g kaleidoscope is foe 


dialogue opening up — unimagin- 
able three years ago— between 
former ’ 1 President ■ . Giscard 
d'Bstaing, his followers and foe 
Socialists. . . 

The pressures for realign- 
ment are foe stronger In that 
none of foe. potential candidates 
has sufficient support in the 
National Assembly to govern 
comfortably on las own. The 
presidential elections are thus 
likely to be followed by a dis- 
solution of foe, assembly and 
fresh parliamentary elections 
in which the- new 1 President 
wfll seek In assure himself of a 
majority. • • ‘ ~ 

' Because of the probable 
length of the campaign, none of 
foe candidates has a Interest In 
an early start Mr Chirac wants 
time to recover his popularity. 
The Socialists are counting on 
foe wear and tear of office to 
erode foe Goyarinaenfs image 
further and to encourage diri- 
rions on the right - Hr Barre, 
who has no political party of 
his own, has notihe resources 
to withstand a -long campaign. 

Mr Chirac?* task remains .the 
most difficult. He. is committed 
to jl r . jpaerq-o conf unic policy 
which needs time to 'show its 
fruits and ^demands continuing 
reshralntover salaries.' . He has 
little leeway to stimulate invest- 
ment or foe ecemomy without 
provoking balance of payments 
difficulties mid problems for foe 
franc. He would - tika to 
reshuffle Us Government to 
freshen its Image, but he is 
working with coalition partners 
who are beginning -to keep 
their distance in’ foe expecta- 
tion of supporting Mr Barre. 
Nonetheless at. .. least = two 
presidential -.elections daring 
foe Ftffo - Republic hove been 
won in' foe closing months of 
the campaign. And Mr Chirac 
is at his best on the hu s tin g s . 


Next year 
a musical? 

There seems to be no end to 
the lengths that City of London 
institutions will go to serve 
their clients at Budget time— 
and gain a little free publicity 
on foe side. 

In recent years Budget Day 
has become the trigger for a 
scrum in financial services as 
analysts race against the clock 
to bring their clients the good, 
and the not-ao-good, news first 
It Is the City equivalent of bag- 
ging foe first grouse, or down- 
ing the first Beaujolais 
nouveau. 

Phillips and Drew, foe 
brokers, reckon they will score 
a first this week by dispatching 
audio tapes featuring an 
abridged version of foe chan- 
cellor's speech which will land 
on clients* desks the morning 
after. 

A video company, DBF Tele- 
vision, will be editing, produc- 
ing, duplicating, and delivering 
1,000 tapes in an all-night pro- 
duction spectacular. 


Careful words 

Bob Holder, former chief 
executive of Fairey, the 
engi neering group, and, as he 
Puts it, “a professional chair- 
m an t hese days ” with manu- 
facturing companies in England, 
wales, Ireland, and the US, has 
given foe game away. 

To while away the time 
unring his incessant business 
trareUtag he has compiled A 
Dictionary of American and 
British Euphemisms (Bath 
University Press £2150). 

He has spent his life talking 
and listening in board rooms. 
Now his relentless treatment of 
what foe business world actually 
means when talking bids fair to 
destroy verbal communication 
as we know it. "The language 
Of evasion, hypocrisy, prudery, 
and deceit,” 
a very funny collection. 


Men and Matters 


It is almost unfair to pick 
out stray examples. But here 
are a few: “ New economic 
zones — barren places to which 
you exile your rivals “Ration- 
alise— to aismiM employees 
“Put foe file in order— conceal 
a mistake “ Five-fingered dis- 
count — stolen.” 

About 99 per cent of foe 
phrases he quotes deal with the 
plain vulgar. But, as he re- 
minds us, a gentle euphemism 
Is intended to be a substitute 
tor foe disagreeable truth. 


Tight squeeze 

The National Nuclear Corpora- 
tion, which builds Britain’s 
unclear reactors, has been busy 
monitoring foe physical state of 
its technicians. It has a special 
job waiting for thin men. 

These people— so for about 40 
have been selected— will be 
required to squeeze between foe 
gaps In the control rod shafts 
In two reactors being built at 
Torness, Scotland, and Hey- 
sham, Lancashire. The plants 
have bees dogged by design 
problems which cause the rods 
to vibrate. 

According to foe- NNC foe 
solution is to drill a series of 
holes in foe 89 tubes in each 
reactor. The tubes are only 
about one foot apart, however 
—hence foe need for thin men. 

The NNC will also supple- 
ment foe efforts of foe wiry 
technicians with three robotic 
devices costing £500,000, and 
■-ilir by ’l'ttylox Ui.vc ■- 
•hurley. 

But the corporation confess*. 



“Step late tile Members’ tea 
room and my that” 


it <taes not yet know whether 
foe machines or the thin men 
will do the better job. 


Capitalist tip 

Imagine foe surprise in 
Czechoslovakia recently when 
Lev Zaikov, a Politburo aide 
Of pHfriiaii Gorbachev, while 
being interviewed cm television, 
puhlidy savaged the state of 
a factory he had been taken 
to visit in Prague. 

“I really did not understand 
where I was,” Zaikov began. 
“In a factory, a workshop, or 
some kind of warehouse.” 

He went on to describe 
.very thing was “ piled up," 

Jiat half foe floor space 


occupied by sheets of metal, 
wire, and aS sorts of equip- 
ment. 

“They had supplies there tor 
foe next three years,” the 
Soviet politician said, thus put- 
ting his finger on a chronic 
problem throughout Comecon. 
Factory managers hoard mate- 
rials because they never know 
whether suppliers will deliver. 

Zaikov said that as long as 
managers received money from 
the state they would spend it 
on supplies. But what would 
happen, he asked, if foe same 
companies were given financial 
autonomy? 

Vanning to his subject he 
noted that, in capitalist coun- 
tries, the “wholesale prin- 
ciple ” applied. Managers could 
spend only as much on supplies 
as needed tor current produc- 
tion. 

“You see, they're constantly 
counting their money," he told 
the interviewer, who by now 
must have thought he was talk- 
ing to Milton Friedman. 
“They’re continually counting 
profits,” Zaikov said admir- 
ingly. “if they have money, 
fine. If not, there’s nothing to 
live on, is there?” 

Zaikov really jolted the 
viewers when he added, "So 
now we will introduce this order 
— and we don't expect anything 
else.” 

The Russian guest noted in 
passing that his boss would be 
coming to Prague shortly to 
chat with the local leadership 
—which is thought!© be worried 
stiff about his economic and 
political reforms. 


No future 

There’s Gomefoffng vaguely 
worrying that a letter addressed 
to the London Stock Ex ch a n ge 
careers and employment office 
vbb returned by the Post Office 
marked, “Gone away." 


Observer 




19 




FOREIGN AFFAIRS: ANGLO-FRENCH DEFENCE 

C’est un major breakthrough’ 


A bit of archaic 
nonsense 


By Ian Davidson 


1 


•- V.- i dt . ' 

... i;. 

;»/• 


f • W 


, ; * •— «-V 




THEASTEATION over the pros- 
pect of » separate agreement 

- on ■ Boro-missiles. on - terms 
white;*!* not necessarily in 

•j Europe's interests, hag- vender* 
lined -ttu& uncomfortable snb* 
ordination of the governments 
y of • w est e r n Europe to the enpar- 
powerar-3n* it is yet possible . 
that^te© predicament trill lead 
• to: * ‘flUeuKTbenfog of Europe’s ' 
pcOitical solidaj^ty. whiCh is ~ 
jnore^wwTant. ; 

Opgroac tam l e Pglace tt. • 
the tfaffittonal European ceac- 
■tieir in atKh a. case— Is to go 
.scgrqteg aad trt a B in g to Wash- 

- tnatnite -to- complain, that 
■ Europe's .interests axe being 

neglected, or that Europe is not 
being r - consulted. Such com- 
.t plainfet He usually 90 Per cent 
; effective: teiey may not . sue* 

. ceeft itt 'ChanKinK the policy 
"• taken, in Washington. 

- hat ttertsnd to ensure that the 
Administration pursues as assi- 
duous policy .. of persuasion, 
information and "consultation.” 

:■ . . Thfe ig pot necessarily very 
; :.jatik£ftetory- For many years 
Eoropfean - members - -of the 
-;4l3BHtee have complained that 
; ; American . "consultation” .' on 
-. naSdr security issues was more 
ffruaal -than ML But on the 
mthnU, teer have muttered 
:feeir complaints behind the 
becfa of their hands, because 
they dued not offend the super- 
-p6wer On which Europe de- 
l pends far its security. 

It is possible, however, that 
: “ tt-TWlT mood towards the Euro- 
r peanAmerlcan ^iiMnma may be 
starting to emerge in Europe, 
is #• result of a series of nn* 

' t nw e te d external shocks to the 
^ ABiance system going back: a 
.’-v.few -.years, -.some European 
J'-. y i wM n mMte may. break, out . of 

- : their victim mentality and beam 
. to resnond rather more ener- 

r geficaBy— on the assumption 
Oifcat lt is no longer necessary. 
Jr- nor t»o*dble, to leave it all lo 

- Americans. 
uTSSTof this new mood 

;? Vrnay be the reactivation of tto 
'Western European union 
- defence grouping. Another may 
'be the-e^oheit Inclusion, in the 
‘- Single European Act adopted 

- by the European _Connnanny 

"V governments in 1&®. of £uro- 
vpean seeurtty issues n rartof 
« (r«wSii for foreign nwicr 

. coordination. A thtid rian - bm 

last week’s i&Be 
agreements between tbe Srrtkb 
and French defence ralnteters. 

which could weave miae atemll- 

can. in poliitol as well *«™> 
ticai terms, than either of ibe 
. pteertwo; • , 



• -s 

r„ . •, v->-“ 

•3>.*£v :, r ‘- •*;:*?•* 

: - ;■ > - - 
~’^r- • • %z- 

• 

-• ’S ± i 

: : i n 

is-- .... ... . 

-^Vv 1 * ? i 
**■' -r* . v... 

JS* , 

~.=-- 

• ' 


G««*. T«u.g« W> »d Andw Giiandt «». Hr** 


The reason for the concent 
stress over Euro-mlsslles is that 
Europe has ultimately no lever* 
age and no authority cm an arms 
control Issue where, arguably, 
only European interests are at 
stake. 

As their nickname proc l ai ms , 
the Euro-missiles are deployed 
in Europe, essentially for the 
sake of Europe’s security. Their 
deployment has caused enor- 
mous political controversy, and 
the breakdown of the defence 
consensus in West Germany, as 
well as an aggravation of the 
defence policy dispute between 
left and right in Britain. And 


it is in Europe that they would 
cause fearful havoc if ever they 
were let Off. 

Vet the European govern- 
ments have, in the last resort, 
very little control over whether 
they should be withdrawn. 

The central anxiety of some 
European governments, not ably 
that of France, is that the with- 
drawal of aU the cruise and 
Pershing II missiles (as 
envisaged ha the senmo 
option virtually agreed by 
Reagan, and Gorbachev at 
Reykjavik) would weaken the 
US. commitment to the nuclear 
protection of Europe, 

In fact there in no good swu- 
tfam to this problein fWm 
Europe’s pomt of view. The 
Americans, with the support of 


the rest of the Alliance, have 
been offering a zero option on 
Euro-missiles ever since 19S1- 
At that time the Soviets were 
manifestly refusing any kind of 
negotiated agreement, because 
they hoped to frighten the 
European electorates into 
refusing the new missiles. 

But now that Moscow has 
reversed its position, the Wests 
Muff has been called with a 
vengeance. Europe may not uke 
a zero-zero option after all, but 
it now has no choice but to 
pretend it does. That is what 
Mrs Thatcher has done. 

The French reaction has 
beat more emotional, more 
critical and more divided. This 
may seem paradoxical, irra- 
tional. and at variance with 
l 0n ff i»»fltuwng French nuclear 
doctrines. France is not part 
of the integrated structure of 
Nato, and has not been since 
1966. The new Euro-missiles 
were accordingly never planned 
for deployment in Franee- 
But it is one of the most 
interesting aspects of the long 
unfolding of Nattfs twin-track 
Euro-missile decWon— <o nego- 
tiate with the Soviet. Union if 
possible, to deploy *e “w 
weapons if necessary— that 
France under President Fran- 
cois Mitterrand has consistency 
resonated in sympathy wltetee 
political stresses experienced, m 
the deployment countries. 


especially Germany, and has i 
given remarkable public suppx*t 
to the principle of deployment. 

Indeed, it arguable that the 
Euro-missile story, combined 
with a slightly inflamed sen- 
sibility to “the German ques- 
tum.” has done more than 
anything else to awaken 
France, like Sleeping Beauty; 
from a long Gaullist dream of 
national independence in which 
the French force de jruppe 
could exorcise the overwhelm- 
ing superiority of the Soviet 

aI Manif estlv. the French 
administration was tonnentefl 
by the fear that, under the 
stress of the Euro-misUe crisis* 
Germany might be seduced by 
the neutralist option. 

At all events, in addition to 
a spectacular speech in tee 
West German parliament m sup- 
port of deployment, Preadent 

Mitterrand also sou^t to rfr 
assure the Germans by activat- 
ing the long-dormant defence 
chapters of tee 19*3 Franco- 
German Friendship Treaty, so 
as to provide frequent and 
regular bilateral discussions of 
defence issues at several levels 

Initially. this unfamiliar 
eXSoS of French concern 
tor German security was v«y 
well received in Germany; and 
over tee years it has led to 
zSaS&S oplicit admow- 


ledgments by the French that 
their own security may indeed 
be in some sense conditional on 
the security of Germany. 

Moreover, the Mitterrand 
administration has endorsed the 
idea that France should consult 
Germany on the use of French 
tactical nuclear weapons (which 
would be liable to hit German 
territory), circumstances per- 
mitting; and in addition, it has 
created a four-division Force 
d ’Action Rapide whose primary 
purpose is to be able to partici- 
pate in the forward defence of 
Germany — if tee French Presi- 
dent should so decide. 

The French overtures to Ger- 
many have not worked out quite 
as they had hoped. I am not 
dear why this should be so. 
One story is that tee Germans 
are emboldened to ask the only 
question teat really matters to 
them: will the French be there 
on D-day? This is the one com- 
mitment that Paris cannot give 

^ Another story is that the logic 
of the Franco-German talks 
draws France back towards 
Nato, which is politically .impos- 
sible. A third idea is that the 
Germans are satisfied with a 
Franco - German relationship 
which is largely symbolic, 
because of the predominance of 
i the American relationship ana 
. the relative weakness of tee 


French economy. Whatever the | 
reason, there seems no doubt I 
that the mood in Paris is one of J j 

disenchantment. IOi 

And so we come to last week's j co 
package of agreements between an 
the French and British defence j di 

ministers, for co-operation m j m; 
the procurement of defence J tm 
equipment, and for collabo xa- 1 to 
Son on all background aspects 1 el 
of their independent national I ar 
nuclear deterrents. I . 

- Needless to say, the import- b 
ance of this development will l to 
depend on what the two govern- a 
meats decide to make of tt Col- 1 o. 
laboration in equipment buying J 
has become tee conventional I 
wisdom in Europe; the test will 1 1 
he whether the two countries, | 
traditionally largely { 

sufficient, will really open their I 
markets to each other. j * 

A p*™n»r question-mark may I 
hang over the nuclear chapter f 
as well; it could mean a lot or I t 
nothing. Yet in political terns, I ^ 
the start of any micleff 1 ‘ 

co-operation between Britain I < 
and France should in principle j 
carry enormous symbolic I j 

weight. _ I j 

t Both governments are i s 
l obviously very pleased by what 1 1 
i happened last week, but I flunk I ; 

the French are more excited. I 
I in London tee note was oneoi 
e cautious satisfaction. One 
t official said: "It is significant 
b within tee limits of the 

h possible; it is part of orap^cy 

q ofstrengthening the European I 
r- pillar of the Alliance, but with- 
is out pushing the American piUar 
e away. Mrs Thatcher puts the | 
y Anglo - American relationship j 

ff ^Butone French official said: J 
i- “Mon vieux, c’est un hi^or I 
breakthrough.” He could see I 
_ opportunities for co-operation j 
^ on many aspects of uu^ar 
Z. policy — communications with 
? missile submarines, doctrine on 
£ Se use of tactical nuclear 
?£ weapons and arms control, 
i y where Europe’s two nuclear 
powers have common interests. I 

a- Yet if the posh and the 
ve excitement have come 

France, that is only Mtiiral. 
lie because it is the French ' who 
ks suffer the awkwardness of oe 
ds Gaulle's self-ostracism from tee 
os- European defence scent Yet 

he it is clear teat people m London 

a are also thinking actively about 
dp how best to build on the agree- 
3c, meats. A Freni* 
of Trident is ruled out, b” t ho w 
nd about co-operation on sub-strate- 
he gie nuclear missiles? 


By Brian Groom 


I HAD not expected to p to att 

Oxford at the weekend. It was tiu 
cold; I never paid for my ba otl 
and so could not vote; the can- 
didates seemed uninspiring and J 

my anti-establishment antaras liv 
tinged with inverted snoboecy int 
told me to keep awayfroman foj 
election of exaggerated impart- ^ 
ance. no 

. Even tee normally level- bu 
headed FT. however, succumbed m 
curiosity in the voting for ^ 

I Lew chan cellor at tee BOOyeaij — 
I university. So there waa I ^ 
edlhd 1973-76), my wife (St 
He’s 1977-BO) and our two- 
arold son , Ja ^--he ^was Wi 

satly disappointed that Roland m 

Lt had been barred fwon. con- u, 
sting tee largely ceremonial 
at, ni 

"I want to wave at people Cj 
jm a big car ” Mr Bat had told » 
Levision viewers earlier m the « 
*ek. “Mouse want wave big o. 
rl” shouted the delighted w 
ltd. 

So why did anybody want to s 
s there? Disarmingly batty but B 
ate MAs were asking them- „ 
Ives just that as huge queues ^ 
irmed at the ticke t offi ce of ^ 
oodon’s Paddington station. j 

The man on the train was s 
ear enough: “ rm a friend of I 
ay (Jenkins) from before the S 
xr. For some reason he wants 
ie job. I can’t think why." He 
jrned out to be Sir « 

llatzky (Corpus Christi 1937- , 

MO md 1MM7), tamed, { 

ermanent secretary at the De- , 
artment of Trade. No, he 
rould not have been going 
rtherwfee. “Itis a bit. of an 
irchaic nonsense, isn't it? 

Oxford never lets go. After 
Ur Leo failed to pay his term's 
>attels (food and lodging bill) 
»efore tee war. the coUege 
pursued bam until a letter 
reached him in the western 
desert as Tobruk fell, telling 
him he was barred from dining 
In halL 

Alighting at Oxford, I was 
struck by the fathers and sons 
who had come to vote together. 
Colleges always swewte^r pite 
students cm merit, but the lucky 
ones chosen from outside the 
privileged classes are a lways 
aware how many came from 
a restricted social circle. 

Memories returned: _ how 
beautiful Oxford’S lumtamu 

yellow stone is in the sunlight: 
how many tramps the city 


attracts, more importunate ia 
their pleas for money than m 
other towns. 

Many graduates came to re- 
live memories, others for more 
individual reasons. Tm voting 
for my neighbour. Ted Heath,” 
said Mr Richard Askew (Braze- 
nose 1935-59), a canon of Sails- 
bury Cathedral. “With the uni- 
versity looking for £llm from 
somewhere, it Is important. He 
would bring a global perspec- 
tive.” 

My thesis that the election 
was irrelevant was not getting 
much backing. “ I certainly 
lTiiwic Oxford stands for some- 
thing and the world should take 
note,” said Mr Kenneth Walker 
(Pembroke, wartime), a retired 
health administrator. “ I am 
I actually waiting for my 
r brother’s brothoin-hrw, who 
l was also at Pembroke.” 


Even the nude outsider. Dr 
Mark Payne, a Midlands GP 
standing to modernise the 
university’s courses, claime d 
the election mattered: "X have 
been successful because I have 
put on the agenda teat tee Job 
should be an active, campaign- 
ing one.” He got 38 votes out of 
8^09. 

Interest in the three main 
candidates: Mr Jenkins of tee 
Social Democrats, Mr Heath, the 
former Tory Premier, and the 
Conservative historian. Lord 
Blake, was partly political. Thus 
Mr J enkins ’s victory had the 
flavour of a by-election win. 

Hie Tory split was obvious, 
but the left was split too. 
Labourites from my generation 
came to vote for former bogey- 
man Mr Heath to try to keep 
out Mr Jenkins. 

; There are serious issues,^ 

■ course, not least the fight for 
! funds. But how much impact 
would tiie election have on that? 
i And why should the public take 
i more note of an election at 
Oxford than elsewhere? It <ame 
c 81st out of 45 last year (albeit 
f somewhat unfairly because ofa 
e quirk in the calculations) in the 
s University Grants Committee s 
ranking of performance in 
t»a«»hing and res e a r ch. 

a *Tm not convinced," I told 
is my son. He said nothing. Prob- 
t ably he fancies b ecomin g a 
y Balliol man, 2002-2005. 


Time tochange 

course 

From Sir Fred Atirfa s cm 

“aJf^As C3tief 
Advisers to governments from 
wat O 19 TO. ™ *5*^ 

troubled by die 

do not accept th e wi degirrad 

5-ssi* IfSSS tS 


Letters to the Editor 


Lex questioned whether 3MRO 
would have sufficient finds (to 
monitor members? activities 
SSti^y.^Snot a matter 
Jfmeeting variable demand 
with fixed capacity. We believe 
that the first requirement is to 
^Srwh* level of regu- 
latoryactirity is necewuj and 
provide resources of 
Dilate weight; and then to ; 

S Question umtor wngw- ^ 


HOW INDEPENDENTLY IS Y OUR 
GILT PORTFOLIO BEING MANAGED? 


die contreiy; weconsuiM , gentle suou M pension fund, capao 

Sn« 1«9 restdm Item — renUU «£“ ^S^dej^iSd) 45 to 

Of economic policy. , gfe) payout ffies, sitting on 

A severe recession took juare stoneraise, Plummers ruxm, p* letting the future PokOHOQS 

Horsham, Sussex. SSSi-JloJShStoi to roost. 

Sgime of . tog^Tunusual, It is usually U ) wliateYe L^t de f . 

and tee assodated^ 1 * 1 *^ From Dr 1. Cooper mag. In our view, NickeU and ment with Daphne 

change rate for st^bug-Smoe p fo ^ essorPw Marsh work falls into this fru it? May I suggest Dmore 

then the economy has grown March 8, <Mve caegory. There are a number of yea (or anyone 

“Moderate rate, m^’reported at length tee. paper. In Smsuil plants 

mafli* up the lost ground. paper by two labour economist, nar *jcniar, at one critical point, that you buy a ropy «_aj. 

nariod 1979 to 1986 gSd,?'. Wadhwani. cm <MmniiiT acono- 1 jnnai^'e "Rn cvlopfl 6 diA of MeUi 


5* — *S Stock market 

rfsta® of higL j2* r “LJ**£ effidency 

Md u>e assodattd.^*^ Prom Dr I. Copper md 
change rate for p+ 0 f eS sor P. Marsh 

thSV*? ^C^Tnot ^ 


John A. Morgan- ___ 
45 London Wall EC2. 










-v 


to matte me be published m a over their entire sample poisonous a 

■trnwth of productivity andtee J 0nrna i makes strong t* ^ yyii known that ad- should never be J5 EeB ^®?l n * nms 

gSSeintee teteurfew^ gStee stock ^ U bote introduce & 

Mmm mmm 


these resulto- ■ of this misspeclflcation. Indeed from txytog out pot 

Given the CurrMit ^otilght ^ ppHed a similar harmful plante, 

on Bhort-termism ^thoSlogy to a senesof ReruardH. Oafc 

Why pavements 

taken it seriotK^ "•SSESa SS resmtsj^wpejr. are scruffy 


the current poliw 1 debate, while obviously, a flawed study can 

p**?. *ar » -j-lpk 


Why pavements 
are scruffy 


top priority 


do well to heed Kieoaru air.— • ■ 

heitis advice (December SI Michael 
^a) androview toe large body (March 
* . .udamip umrk which navemes 


a may share 

exasperation 


ss®sa 

ffJSfiSSSBSSwr- 

ss^st sr 5 tSsiws 

nrices.- An even ^ ^ Chief Execufioe, is that cable _ Jreg*" “2 


d “ C5 ^SSSlv avail- i /jtoS U) about the problem is teat some 

.. syS's.^da g-af-ss^sw xaSS 

MrL S -^S!fflS?to Colin work be^g SiSSiatiSSor white wemg MMttomi ;« *{ 

5 ****** excfiUcnl *“ 

r w°^ “|S!aSlon involves jofe; delays during : 

Nickdland w wouId ^piy ^ ^ M have to endore “gf 

however.Jf grossly and JUSi’-SgifS different, and hazardous footpaths. The 

^ CSSSwa odder which Is that oMe opentois *o«M 

' SrSTSs srssAs£3S 

aain I SWjE presc^tive. Butft away. White wU Iff" 


If you are responsible for a gflt portfolio, 
how confident are you that the company 
managing it is acting purely m your interest? 
If the company is also involved “ 

indirectly) in the trading of gilts, then the 
objectivity of their advice could easily be in 

question. 

WithReserve Assets Managers thispotential 
problem simply does not exist We area 
substantial and leading adviser sp ec ial isi ng 
exclusively in the field offixed-intCTest 

investments, and providing a highly 

professional approach based on years of 
research and experience. 

We do not participate in the selling of or in 

the market making of gilts. We are 
remunerated by fee alone. Only in this way. 


webdleve, can all conflicts of interests be 
eliminated. This can also proveto be the 

most cost effective way of managing your gut 

portfolio. 

Our clients include pension funds, 
merchant banks, charities, building societies, 
insurance companies, stockbrokers, 
investment management organisations and 
individual investors. 

Every portfolio is under constant review. 
This positive approach to gih investment is 
essential, we believe, if you are to reedve the 
best return from your portfolio, with the risk 
profile matched to your individual needs. 

For a brochure explaining our servicesin 
more detail, please contact George McNeffl. 
on 01-283 4985. 


Reserve Asset Managers Limited 

licensed Deatets in Securities 


The independent 


3 Gracechurch Street 
London EC 3 V dab 
Telephone oi -283 4983 


new* ■ ^srinstakinS p«u t ^enlation fixed for ail ume; saner mw 

a- ite aBPli,a,ta, 68 ^ SSTSUS; 
C jgh£T d » Wa S^ SSL tuition Beed, ^ 0B. 




.o r u^'Hy, 





David Owen 
in Chicago 

Clamour 


Andrew Whitley on the implications of the Pollard case for Israeli intelligence 

Keeping tabs on the secret service 


for change 
in the pit 


"CHICAGO aint ready for reform," 


ftfmien* to a C hi cag o Daily News re- 
porter in 1956. The remark has 

turned oat to be the outspoken poli- 
tician’s most enduring contribution 
to posterity. 

Today, many an independent 
ftw broker might choose t o echo 
Banter’s conservatism to counter 



gTTTfTiTZwfT 


Mercantile Exchange's 
(Mere) Standard & Poofs 500 slock 
index futures pit 
Thtedamonr stems from growing 
dissatisfaction with the quality of 
p nfinm w order executions in the 
Marc’s biggest futons fo nno . It has 
been fuelled by the regular quar- 
terly glare of publicity to which the 
pit is subjected when "triple witch- 
ing hoar* strikes. 

This hectic period, when stock in- 
dex futures and options and individ- 
ual stock options expire shnuttane- 
oosty. often triggers sadden swings 

in the underlying stock market It is 

doe to recur this coming Triday. 

from the vantage point of the 
price recorders’ catwalk overloo- 
king the S&P 500 pit, it is easy to 
see bow the frenzied influx ctf or- 
ders, the volatility and the sheer 


■ YnlV:!. iT.n.njI 


ing order-fining 

Even on an average day, between 
400 and 500 brightly jacketed bodies 
are compressed into an area the 
size of a large living room, arms 
fluffing , voices continually at foil 
pitch. The stanchions supporting 
nearby monitor screens are lagged 
like rugby posts. 

What critics, many of whom are 
themselves traders, increa s i n gly 
contend is that a practice known as 
Vp«l trading" also contributes fflga- 
ificantiy to pit inefficiency. 

Dual trading - foe right of floor 
brokers to trade for their own ac- 
count as well as for customers - has 
kmg been something of a sacred 
cow is the futures markets. Propo- 
nents, Eke Mr Leo Mdiwngfl, foe 
Merc's special counsel, argue that it 
is vital if market liquidity is to be 
TpntnfamMjd Abuses, Eke foe temp- 
t fltipn for brokers (illegally) to trade 
ahead of customers, can be con- 
trolled, Mr Melamed maintains, by 
Stringent enforcement of the regu- 
lations pud severe punishment of 
wrongdoers. 

The poetical dfmt of mdependeiit 
floor brokers (individuals who typi- 
cally trade for several end-users as 
well as themselves) within the ex- 
changed hierarchies has trad ition - 
ally reinforced the status quo. 

Yet the contents of a special ex- 
ecutive report, handed to Merc 
members as they arrived for work 
last Friday, confirms that- ready or 
not - the board of governors has de- 
rided that a degree of reform is nec- 
essary. 

The report, released in response 
to a petition signed by several hun- 
dred exchange members seeking 
foe prohibition of dual trading to 
SbF 50Q futures and options, stops 
well short of that Indeed, one scept- 
ical trader to an exchange canteen 
was soon expl a i ning - with sugar 
sachets as props - how he thought 
foal brokers would circumvent foe 
proposed rote changes. 

But the report does contain a 
number of recommendations des- 
tined to make the lives of those in- 
dulging in dual trading (legitimate- 
ly or otherwise) more difficult An 
exchange committee is expected to 
recommend further measures, 
which may include an automation 
system for small orders and foe 
transmission of orders from inride 
the pit, to due course. 

If foe petition is rejected by mem- 
bers, the report says, the board will 
seek to implement rule changes 
that will: 

• limit the use of the top step of 
the S&P 500 pit (where customer 
orders enter) to brokers filling cus- 
tomer orders and not trading for 
their private accounts: 

• Require S&P 500 brokers trading 
for their own accounts to record 
manually the time of the trades to 
foe nearest minute; 

• limit trading within broker 
groups or associations who work to- 
gether and split their co mm issions. 

At 8J.0am on Friday, the immedi- 
ate reaction to these recommenda- 
tions was hard to gauge. 

Certainly, the atmosphere to the 
rapidly filling S&P 500 pit was pal- 
pably sullen and niggling. But this 
may have had more to do with the 
previous nights shock defeat of the 
Illinois university basketball team 
by unfanded Austin Peay. 

Anyway, foe jut has never exact- 
ly had a reputation as a repository 
of good humour or good manners. 
"If I was standing next to a guy 
with bad breath in the S&P pit, Fd 
tell him to get a mint or else," said 
one trader with experience of both 
rival Chicago futures exchanges. 
"At the Board of Trade, Fd move to 
another part of the pit." 

Furthermore, the glare of pub- 
licity is turning independent bro- 
kers in particular into determined 
recluses. 


It is unlikely that Prime Minister 
Yitzhak Shamir ever read that pas- 
sage from The Spymasters of Is- 
rael, the definitive book on the 
country's celebrated intelligence 
service. And if he had, he would 
probably have tossed it a side con- 
temptuously: the 71 year dd farmer 
underground fighter is no greet be- 
liever to public accountability. 

But the case of Mr Jonathan Pol- 
lard, a former US Navy intelligence 
analyst, who was given a life sen- 
tence by a US court fin- s elling 
Ameri can secrets to Israel, has 
forced Mr Shamir to think again. 
The case is seen as a major t hreat 
to relations between the two coun- 
ties, and ha s prompted moves in 
the US to restrict intelligence sbar- 

ing with Israel. 

Confronted with undisguised US 
outrage at the way in which Israel 
has been shown by the Ballard case 
to have been filching piles of highly 
documents from its clos- 
est friend, Mr Shamir reluctantly 
agreed last week to the estab lish ' 
meat of an independent investiga- 
tive committee. 

The committee is charged with 
^vnmiwing tiie Gwenuncgfs 
claims that the affair was all a mis- 
take - a rogue operation which 
would not be repeated, to the offi- 
cial a po l ogy*- But it suffered an im- 
mediate setback when one of its 
two nominees, a retired supreme 
court president, refused to partici- 
pate, evidently anticipating a white- 
wash. 

Mr Shamir, who was foreign min- 
ister to the coalition go v ernment at 
foe time of Mr Poharf’s arrest (out- 
ride foe gates of foe Israeli embas- 
sy to Washington) to November 
1985, had made his own views crys- 
tal dear a few days earlier. 

Speaking with all foe ingrained 
dislike for publicity of the longtime 
Intelligence operative that he was, 
Mr Shamir said: "What happened is 
usually known to those who should 
know - and whoever does not know 
should continue not knowing.” .. 

It was a classic piece of riicumlo- 
cntion, consistent with the Likud 
leaders’ suspicions world view. The 
as IsraeTs 35 year old Cea- 












!_ — . St 


■nil 

Slim 


s J f I Mf Sirij 

1 1 • ii i 1 1 vJT.fi y . •- i t » 


Mllllll 


The ‘Kara’ group of POak Zfan pictured to 1919 from which developed the 
I wdlBtdBiwm nim 


iral Institute for Intelligence and 
Special Operation is better known, 
would approve of the s ent i ment 

Insiders say the Mossad disap- 
proved of foe small intelligence- 
gathering office within the Defence 
Ministry known as Lekem - foe He- 
brew acronym for scientific liaison 
burean - which ran Mr Pollard's op- 
erations. 

Israel already had half a dozen 
long «*fohtfrh«I mteffigpnce agen- 
cies before Lekem, a product of Mr 
Ariel Sharon’s controversial period 
as D^f”*** Minister from 1931 to 
1983. Another - reporting to whom, 
it is not dear - simply aggravated 
the rivalries and overlapping areas 
of responsibility which have been a 
root cause of trouble within foe 


days. 

Apart from foe Mossed, which 
c once n tra t e s cm foe ever-present 

underground war with the Palesti- 
nians' (but took time off last October 
to mount a major land, sea and air 
operation to bring a dissident nu- 
clear fpfhnMan, Mr Mordechai 
Vamnm, bade home to face trial), 
Israel's intelligence family consists 
of the SMn Bet, military intelli- 
gence, foe Foreign Ministry re- 
search department and foe police 
special branch. 

The first four swap ideas and in- 
formation on a fowiMti, daily basis. 
The bead of Mossad, a senior figure 


whose same cannot be p ublishe d, 
weekly meetings with foe 
Prime Ifinistei and his couateHer- 
racism adviser, currently Mr Avi- 
ramNff, a former journalist 

The top-secret Lekem organisa- 
tion, headed by Gen Safari “Bafi* 
Eton, a cloak-and-dagger agent of 
foe old school who had served as 
j y ^ mtor ^ wntiiM n adviser to both 
Mr Rhamfr , in a previous term toflf- 
fiwi , mid former Prime Minister 
MoT.«f»Wn Begin, compounded its 
initial disfavour by making what 
foe Mossad - the principal external 
intelligence agency - regards as 
fundamental operational errors. 

By getting found out; it severe l y 
prejudiced IsraeTs intimate rela- 
tionship with the US — the vital un- 
derpinning of the state —and by us* 
tog an American citizen, it broke 
the golden rule of never using in- 
digenous Jews to foreign under- 
cover operations. By doing so it 
compromised American Jews and 
reopened foe sensitive issue of dual 
loyalties. 

Breaking a long silence, Mr Imer 
Harel, the father figure of Israeli in- 
telligence, last Friday blasted foe 
Pollard as "mad, a frighten- 
ing s pe ct a cle." 

Now 75, foe man who dominated 
this shadowy world for 15 years, up 
to 1963, running both Mossad and 
its rider sister organisation. Shin 
Bet, which deals with internal se- 


curity, turned foe knife on Ftim e 
Utwifiter Shamir. Barring scum on 
the Governments disclaimers 
about foe scientific Eason bureau, 
be commented that fever y on e knew 
of Letemfr existence." 

One plausible theory to explain 
why Lekem needed to be establish- 
ed to the first ptece by Mr Sharon, 
now Trade and Industry Minister, 
is that after the June 1982 invasion 
of Lebano n which he master- 
minded, the US did indeed show its 
disapproval by withholding from its 
nfly njislll w n information about the 
Arab world. 

The war ended with foe with- 
drawal of Israeli troops three years 
later. But continued to func- 

tion, now under Mr 

far a frrrft w ffwp months —imtil Mr 

FtiDarcfs arrest is said to have 
forced its disbanding. 

Gen Satan was subsequently ap- 
pointed by his old master, Mr Shar- 
on, to his present position as Chair- 
man of T*rW Chemicals, the lead- 
tog state-owned company. And Gri 
Aviam. Sella, who recruit Mr Bal- 
lard, was rewarded with the com- 
mand of a major airbase in foe 
south. 

- As for Mr Sharon, he was com- 
plaining once again last week that 

the US was withholding valuable in- 
formation Israel needed for its se- 
curity. 





I - 1 . ?. • tiff t t 



cry 

I • * vi'.l 

: i * > ’ ^ 



Sty 

1 7 r J > V 1 1 1. f _±[ 

--in 

w > ■ 

X U j i 


i ■ 1 1 1> 












». iV 77 j • T> 4 ■ « 








H.k." i\M 


fr~ !■ mu qi j i 1 1 i i \ lyffc > l yryk 


MB { ^ ■ J r f " ii i « i ^ 3 • i\ 









U-LloSH 




T ‘l'.' -1 



f< r *l 











SSSSBi 


fessibi 




■ 







PPP 




UK shipbmlder alters strategy Fine Gael 

BY KEVIN BROWN, TRANSPORT COARESPOiffiENT, Of LONDON SUCC6SS10D 


BRITISH SHIPBUILDERS, foe 
state-owned merchant shipbuilder, 
wifi today announce three new ship 
designs which amount to a fimda- 
w|on<n> chang e of direction in foe 
corporation's marketing strategy. 

The designs, for a multi-cargo 
products tanker, a refrigerated car- 
go ship, and a scientific research 
vessel, mark a switch of resources 
away from bulk shipping towards 
more sophisticated vessels. 

British Shipbuilders believes this 
to a market in which it can compete 
successfully against lower cost 
yards in Japan and South Korea. 

Mr Maurice Pb^ps, the corpora- 
tion's acting chief executive, said 
Britain’s future in merchant ship- 
building depended largely on its 
ability to identity precise markets, 
particularly for sophisticated ves- 
sels. 

Mr Pbrips sato British Shipbuild- 


ers had decided there was "no 
print" c om peting head <m with Far 
Eastern shipyards which could un- 
dercut foe corporation by u p to 40 
per cent on more straightforward 


“We do not have any prospect of 
meeting those prices. This is the di- 
rection to which European ship- 
building has got to go. Inevitably it 
will bring us into greater competi- 
tion with West German and other 
European shipbuilders, but we be- 
lieve that can be overcome," he 
said. 

"What we are deve loping fa prod- 
net value, instead of trying to com- 
pete directly on price- We believe 
we can develop products which can 
be attractive to customers because 
they have a high i n tri n s ic value to 
respect of their operating ability, 
revenue ea rn i n g capacity and effi- 
ciency," be said. 


"We believe that is going to be j 
more attractive to certain sectors of , 
the market than those dripuilders 
who can provide only price advan- 
tage." j 

Technical staff have been work- 
ing for two years an foe three new 
designs. Further work is being car- 
ried out on designs for a new gen- 
eration of con teipm* sWwt 
British Shipbuilders fa to foe fi- 
nal stages of negotiations to Hong 
fftmg with oFffafai* from the Chi- 
nese Government on the details of 
an order for three container ships 
winch would increase the current 
order book to around 85 per cot of 
capacity. 

However, capacity has been re- 
duced ova- the past two years from 
200,000 compensated gross tons 
(cgt) to 120 . 0 M cgt, as part of an afr 


race off to 
busy start 


to realistic market prospects. 


Britain looks for further rate cuts 


Continued from Page 1 

US officials deny that the new 


for sterling against other currencies 
outside of which it mil not be al- 
lowed to move, but they agree there 
is now a greater focus on li m i ting 
upward, as well as downward, stofts 
in the pound's value. 

The budgets tax-giveaway will be 
combined with a series of measures 
^pgjgnori to strengthen the Govern- 
ment's daixn that it is helping the 
low-paid and the poor, and aimed at 


boosting Mr Lawson’s image as a 
tax-reformer. 

Among possible measures to the 
UK budget are increases to state 
pensions above those necessary to 
keep pace with prices, reductions to 
National Insurance contributions 
for the low-paid, and foe introduc- 
tion of tax concessions for pro fi t-re- 
fated pay. 

Other measures may inc l u de an 
increase in the threshold for tax re- 
lief on home ban interest repay- 


ments. a further overhaul of capital 
gains tax and reductions to the 
higher rates of income tax. 

Mr Lawson may not increase foe 
duties on petrol and alco h ol, to line 
with inflation over the past year in 
order to hold down price rises to the 
summer. 

The economic forecasts accompa- 
nying foe-budget sta teme n t will 
predict an acceleration in UK out- 
put growth to 3 or 3% per cent this 
year. 


World Weather 


•e -t 

8 12 M 
F M B 
■ * 38 
C I « 
8 a 78 
t » n 

S 13 & 
C 17 S3 

c 8 e 

F I 32 

saw 


S SI 88 

S t « 
c 2 a 

S 8 37 

i a n 

f 1? a 
s 2 i n 
C 31 81 
F 21 IB 
C S 41 
r 3 37 

c -i a 

C 8 46 


EM* F 

fm C 

Pmma 8 
fMto S 
teW F 
gyre S 

Ohm F 
firerer t 

Matt C 

l 

IdreM I 
hreM F 

ret c 
Jmw t 
f 

Lire 8 
Ifaw S 
Ua C 
UMyte F 

ir* * 


•c *F 

■re r u a 

Ml 8 36 s 

Wore* 8 U « 

MsbOi 8 26 77 

MW 8 21 70 

Mtm 8 6 43 

WM G 2 38 

rear 8 7 « 

Uab 8 3 37 

mm F 29 84 

KWH S S 48 


Outboard motor 
prices to rise 


Bf*/« C 


SaRWnF 
M S 


mm s 27 si 

, WUt G 8 « 
Wa G 11 U 


(WM S J4 57 

e* S. * 28 

Fre 8 8 43 

Nfe 5 8 48 

AW S I 34 

hW C 8 32 


fete F 



F 8 48 


- urea * 13 B W taadr Mr 
48 Bre F IB 61 1 S-ta&SM 


MvrtfMUtyjM wtef 
ureure f-rm irfe wu 
Mte MM S^SwT-TWre 


Continued from Page 1 
manufacturers returned to foe 
I Commission spying that foe price 
untertaktogs were being ignored. 

Sales by EEC producers dropped 
by 284) per cent between 1982 and 
1985, accor ding to International 
Boat Industry, a London-based 
trade publication. The European 
producers were hoping that anti- 
dumping duties would be levied on 
foe Japanese imports. However, af- 
ter lengthy investigations in Japan 

by EEC inspectors, the Commission 
called for price increases instead of 
duties. • 

A Japanese Government offici a l 
yesterday said that foe Japanese 
manufac turers were privately re* 
lieved at foe EEC dadsfan. 


By Hugh Carogy 1° M* 

THE CONTEST to succeed Dr Gar- 
ret FitzGerald as feeder of Fine 
Gael. Ireland's main opposition par- 
ty, em erge d into the open at the 
weekend as the three front runners 
- Mr Peter Barry, Mr Alan Dukes 
and Mr John Bruton - pubhdy de- 
clared their candidacy for next Sat- 
urday’s election. 

Dr IfiteGerald annotuiced his sur- 
prise resignation fast Wednesday, 
foe day after Mr Charles Haughey 
of Fiarma Fail took over from him 
as Prime Minister. 

Mr Barry and Mr Dukes are re- 
garded as the favourites, although 
Mr Bruton said he was confident of 
winning a majority among the 82 
Fine Gad deputies, senators and 
European ParHament members 
who have a vote in the single trans- 
ferable vote ballot 

At 58, Mr Barry is the senior of 
the three. He was Dr FitzGerald's 
deputy leader and Foreign Minister 
and is seen as a candidate offering 
continuity to foe party as it 
straggles to overcome a serious 
efedfon defeat last month. But he 
rejects the caretaker tag, saying 
that Fine Gael most be "rechargaL" 

If foe party goes for a younger 
twhyi , Mr Dukes, 42, is seen as the 
favourite. He has only been in parl- 
iament since 1981 but has built a 
strong following as an ahle minister 
successively for agriculture, finance 
and justice. He is on the liberal 
wing of foe centre-right party and 
has been called "FitzGerald mark 
two.” Thafs a reasonable descrip- 
tion," he says. 

Mr Bruton, at 40, is foe youngest 
of flte three but has been in parlia- 
ment since 1909. His angle-minded 
pursuit of market-oriented econom- 
ic policies as Finance Minister won 
him admirers, but his failure to get 
two budgets through parliament, to 
1981 and 1987, made some fine 
Gad members waxy of Mm. He 
would be an asset to the party's 
fight to win back support lost to the 
new Progressive Democrats. 

Meanwhile, Mr Haughey, who 



CLWYDS 


GOT IT 


NOW WHAT DO 


ROOM FOR EXPANSION AND 
THE INCENTIVES TO MAKE 
IT HAPPEN? 


Our development incentives have helped aver 200 new companies 
> set-up and prosper to Owyd in recent years. Benefic can fndude an 


UP >ouua l HIUUUC «x» 

unbeatable flnandal package, an Enterprise Zon&. technology support 

and land & buildings. 

For further information on doing business in Owytdjp the coupon 
or contact foe OwytJ Industry Tfeam, Owyd County Counc& ^ Shire Hafl. 
MoW^OwyO, CH7 6NE Teh0352-212!. ■ “■ 


l^em£fyrtteCfayctfactpac& 


Meanwhile, Mr Haughey, who 
will see President Ronald Reagan 
to Washington tomorrow daring St 
Patrick's Day celebrations, has 
wasted no time to getting to grtys 
with the wayward public finances. 








21 


fV;.C 


tSatsu 


I^PertyNlitters to 

EULI 




^.01-353685^^9 ^ 

international bonds 


SECTION n - COMPANIES AND MARKETS 

FINANCIAL TIMES 

Monday March 16 1987 



Thwaites 


THE.No.1 IN DUMPERS, 


Vephane. iMfrityni Spa (092$ 22471. Wtfc 3WS7TlwrttG. 



IASr WLo^s renewed crisis m 
of. floating rate notes 


e-e 


It 

.^sicjg 
^ & 

: 

‘'tSSSgw 

*s«K 
:*=?*: - 
■ fcr j 35 *« t ;' 

El22a^ 

1 shtsvj. r ■••■ 
*43^; (. . • 
i y 

• : 

^irSfy £ ■ 

|i?i5 •' 

4 ?=£? - 
***zii< 

=sae =»f: 

i .. 

i=a=2^;: 

-* «u: l.'.‘ 


‘Wet- ;. 

-3==te ' 

- 

- 5 .^t ; 

v 

.VTSJil- ’ 

aisas? •; 

ifiab a 
Twsita . 
asasa 

i ji m » ' 

,TOCi23. 
f <■ *4 n' 
shrJS ;a 
re oesjr 


" — ; — ® aprcaa xrom 
“* peipetaal to Hie dated sector, 
related a market in cteepdisamw 
&nd increased calls fcr_* reform rf 
trading practices to restore investor 
confidence, writes Oare Pearson in 
.London. 

T^e fresh caltapse.-to pnere ap- 
Pewwfo be driven almost entirely 
py p rofessi onals. Althoug h the fail- 
ure of fovestora to participate in the 
nradtet lnts contributed to its loss of 
confidence, dealers said retail gett- 
ing test week was nw gWgffih 

Rices fen b 7 1% points in a dar- 
h>-day movement rarefy seen m the 
FRN sector, where maintenance of 
capita l value is usually more as~ 


wp^d not occur in a more stable 
market .. ' ■ 

L^af disctylme among market- 
“alters was the main reason cited 
»» tost week's decline, although 
concern about toe effects of the 
Brazilian defat problem on interna- 
tional banks must have played a 
part in triggering the debacle Is- 
sues for US banks were particularly 
hard bit 

Meanwhile, issues for Canadian 
banks came under pre ssure jfonpw- 
mg toe announcement that Dome 
Petroleum, the troubled Canadian 
energy company, was asMn e bank- 
ers tor a restructarmg of its obliga- 
tions, and issues tor belaud were 


fresh floater collapse 


JUM^maters often lost right of 
the comparative value of the FRNs 
in their rush to lighten positions 
and there were many anomalous 
price movements. The volatility of 
■ some shorter-dated bonds was al- 
aost as great asihat of longer-dat- 
ed instruments, tor instance.. This 


■“““*«» outuyi s wwer uecanse 

or concern about the country’s bud- 
getary deficit 

_ **But these matters were not the 
fundamental problem," one »m w 
said. “They were just a way of find- 
ing an excuse to sell." 

. 73ie chaotic' conditions in the 
market were shown by toe fact that 
even issues tor sovereign borrowers 
such as the UK- which is viewed as 
a first class credit -were moving up 


and down in price by about 20 basis 
points a day. 

At toe dose on Friday, a 20-year 
issue lor CSficorp had lost about 2 
punts in price the day aud 
yielded about 85 basis points over 
London interbank offered rate (Li- 
bor). Meanwhile, an issue for Den- 
mark was yielding about 45 hsris 
points over Libor. 

Yet it was hard for dealers to buy 
bonds on the basis that they looked 
cheap at these levels, since the 
breakdown of liquidity in toe mar- 
ket cast doubt on their ability to sell 
them later. 

By Friday afternoon, many of the 
smaller players in the market were 
refusing to take calls from other 
dealers. "You feel as if there's a 
shotgun at toe o&a end of the tele- 
phone," one dealer said. "Every 
tone you make a pice your bid gets 
hit by dealer." 

Snmp |glt ft »* an agreement to 
deed through broken, rather *h«n 
directly between market-makers, 
might be a means of removing the 
fear from toe market. This would 


mean that discrepancies between 
prices would be readily spotted by 
date's, since bid and offer spreads 
would appear on brokers’ screens. 

Although brokers play an impor- 
tant role in toe Eurobond new is- 
sues little AAaHng is 

through fo. the secradary 
market 

The effects of a breakdown in li- 
quidity have already been seen in 
toe perpetual FEN market which 
was quiet amid last week's turmoil, 
largely because of the extent to 
which turnover has dwindled al- 
ready. 

Many dealers said they had re- 
sumed trading perpetuate on firm 
prices after a temporary reversion 
to trading on an indicated price ba- 
sis a few weeks ago. However, no- 
one has been «p»*ting toe market 
to become actively traded again, 
making it very diffimH for inves- 
tors unlucky enough to be trapped 
to liquidate their loss- making posi- 
tions. 

Some dealers win fear be fear 
jobs if the tumult in fee FBN sector 
continues, since it will became har- 


(M 


2433.1 1564 U 

tnu ms 


PMv 34814 14124 102 UU 

UBSMA344 WTTJS 144054 64(24 
Prm IMS 74 14084 t847M 54004 

OUMT W42EL7 14824 tSU 8468-7 

Ppm 1*7034 7984 34294 3,1387 



CaM 

riimrnw 

TMal 

ms 

18,1184 

344184 

48,4384 

Pl w 

154SM 

288427 

88,1 oai 

OttMT 

134274 

217484 

244754 

Pi*r 

U4U 

214384 

384D44 

Waafeto 

Ban* 12 1987 

Source: ASD 


der for firms to justify toe bn g p 
overheads involved in lmtinUtming 
a commitment to toe market. 

For the moment, dealers are pin- 
ning feeir hopes on a reappearance 
of Japanese bank investors at toe 
beginning of their finiwwiaf year in 
April Although the recent behav- 
iour cl market-makers may make 
them reluctant to return. 


Hope for end to downward spiral in syndicated loans 


AS BOND traders AwM their 
teeth last week amid toe deepening 
debacle in fee floating rate note 
market, feat diminishing breed of 
banker inhiWttng -foe loan jy nitiwt . 
fieri departments of international 
banks was faking a more relaxed 
view, writes Stephen Ffafler, to 


The "securitisation" of global fi- 
nancial markets is nowhere more 
evident than in toe way fee FBN 
has a cgpe e A toe synfficated credit 
in recent years as the main vehicle 

. far.Batefag Inly mwirm^ rf capital 

Now, fee belief is gaining ground 
that toe FBN market's current diffi- 
culties might be a catafyst for im- 
_ portent changes in the, syndicated 
fean market and fer a reversal c£ its 
dbingtehines. 

A muhber ef signs have already 
emerged of a growing resistance to 
further, cuts ie^ margins arid fees on 


syndicat ed loans, which have en- 
dured a three-year downward spi- 
ral. 

The most recent evidmoe- of fins 
was the difficulty toe market bed in 
swallowing a $lfan refinancing tor 
Electriate de Renee, fife French 
state electricity utility. Otoer deals, 
including, for example, several on 
behalf of Italian hammers, have al- 
so faced significant obstacles. 

It seems unlikely feat many bor- 
rowers will be aide to return to the 
market in -fee near future to borrow 
at tie kind of rates to which they 
have iwwtf accustomed in recent 
weeks. '• 

Danmark and file UK both bor- 
rowed on fee FRN market last sum- 
mer at rates as tight as % percen- 
tage po in ts below T^Hnn inter- 
bank bid Tates (Usd) - less *«> 
fin* fl o<4 of fends fa 1 to p ?«nb> 

On Friday, fife price of that 10- 


year Dramatik issue had dropped so 
much that it was yielding 45 baste 
points above London interbank of- 
fered rates (LOwr). On feat h^ris , it 
would be fer cheaper for the coun- 
try to borrow in toe syndicated loan 
miifbt than to itmtt m ytih^r floa- 
ter. 

From the point of view of the 
hmiio^ particularly itoirii do 
itot staml to earn fees for arranging 
a oedit, there is little pcant in join- 
ing a syndicated ban when they 
can pack op the «mw jo a 
nM Wt wriBriybform am j 4**W fmwh 
hi ghw margin, through the FBN 
market 

This could provide fee market 
unto a mechanism throngh which 
the rise in margin* on in»»w takes 
place. Too Hringg mj g ht riwwri in 
the way - a soundly based recovery 
in toe FBN market or the impera- 
tive for syndicated loan depart- 


ments to be seen as active. 

It also seems more than a slight 

possibility that the ari jnalmont 
might taka place after a couple of 
tightfy priced deals have been 
brought to market and sunk with- 
out trace. 

So far, there has been Bttie im- 
pact on toe loans market, partly be- 
cause the communication at price 
informati on is tar dower than in 
the securities markets. Tf you 
bring a poor deal to the brad mar- 
ket, you know toe same afternoon. 
If you bring a dog to this market 
you might not find out for two or 
three weeks," said one banker. 

Than is a drffm * n t philoso- 

phy at work m the two markets. In 
file bond markets, few investors 
hnM issues to maturity, but that is 

gffll tfap mli> i- wtlmr than ftw prryp - 

tinn, in the loan departments of 
most banks. 


Chaw- Manhattan, after consulta- 
tion wife the borrower, increased 
its big refinancing deal for Sweden. 
The refinancing cut the size of ih* 
standby credit from JL8bn toSLZbn 
but oversubscription led to an in- 
crease to SL4bn. There were some 


anical »t>h Credit Lyonnais 
Nederiand brou^it a S145m loan fa- 
cility for the Philips and Dn Prat 
Optical Company, a joint venture of 
fiie Dutch American industrial 
giants to develop and produce com- 
pact disc technology. 

It c omp ri s es a S70m multi-curren- 
cy, three-year ban tranche wife six 
month availability, with commit- 
ment fee of 7% basis points and a 
margin of 17% baas points, and & 
575m revolving credit with similar 
margins, except that if more than 
50 per emit is used there is a five bar 
sis point utilisation foe. 


W. German 

turnover 
tax move 
criticised 

By Andrew Ptaher In Rankfmt 

THE WEST GERMAN Govern- 
ment’s decision to keep the stock 
exchange turnover tax, after earlier 
promising to drop it, will severely 
weaken the country’s {respects as 
as international financial ce n tre, 
according to the Association of Ger- 
man Stock Exchanges. 

Both German and foreign banks 
will now reconsider the scope of 
fiter trading activities in Germany. 
Mr Bfidiger von Rosen,' executive 
director of toe association, said. 
Fewer foreign banks would open up 
in Germany, while domestic banks 
would shift operations abroad. 

The turnover tax (Bonenumr 
satzstetier) raised around DM 
750m (5405m) last year, and Mr 
Gerhard Stohenbog, tiw» Finance 
Minister, that revenues 

were still needed from this and the 
levy on new share issues. 

Together, toe taxes yielded about 
DM 1 . 2 bn in 1986. In toe coahthm 
talks after the January re-election 
of the government led by the Chris- 
tian Democratic Union (CDU), of 
which Mr Stoitenberg is a member, 

Hw qfao faKon of Hip turnover 

was not mentioned as part of a DM 
45bn tax reform package. 

Mr von R pyu Hm associa- 
tion had reacted to the news with 
"great rii«;qinin*m<jnt." The tax is 
levied on secondary trading in 
and bonds and ^ fows en- 
couraged this activity to shift to 
sn<4» centres as T/minn »nH Luxem- 
bourg. 

The government had repeated in 
its animal pwwimnip report in Janu- 
ary it intended to the tax; 
so stock exchanges »"ri banks had 
invested mt!Hnii>g of marks in staff 
and technology for increased secu- 
rities business. 

If the tax had been dropped, the 
increased business in securities 
would have led to far greater reve- 
nues for the government through 
other he added. 


Italy sets rules for 
merchant banks 


BY ALAN FMEMIAN it PALERMO 


THE BANK of Italy has announced 
a set of rules to govern the forma- 
tion. of homegrown merchant 
banks. 

The central bank's set of criteria 
for fee establishment and operation 
of ffpufkimt fym ks follows last 
month's historic decision by the 
Rome Government's inteMnimste- 
rial cabinet committee on credit 
and savings to allow Italian com- 
mercial hanks to form merchant 
bunk subsidiaries which may take 
equity stakes in companies. 

The key roles laid out by fee 
Bank of Italy are: 

• fbe fnirwimwn capital require- 
ment fox the new m erchant hunbi 
is L50hn ($38m). 

• they may invest no more than 20 
per cent of their total capital in any 
single venture. 

• the equity stakes taken in com- 
panies must be minority sharehold- 
ings (although percentage limits 
have not been set). 

• debt may not exceed twice fife 
tetri nf sh areholder s' fotvfty 


• direct tending to companies (as 
opposed to underwriting a syndicat- 
ed credit or bond issue) is prohibit- 
ed. 

The central bank said it hoped 
the rules would encourage the new 
merchant ^ w r t * l w hich are to be 
known as "financial intermediation 
companies" under Italian tew, to 
spur the growth of small and medi- 
um sized businesses. 

The merchant banking reform 
which is embodied in test month’s 
cahinefrJeval decision is sera by 
bankers as an important deregute- 
tory measure. Already toe Banca 
Commerdale Italian (BG), Italy’s 
second biggest bank, has responded 
by armnimriiig formation of a 
new merchant bank venture with 
Paribas ctf France. 

Tte ideate to further develop Ita- 
ly’s growing financial market wife 
institutions which can «wg«g»» in 
mergers and acquisitions, corporate 
Rnamip, the teVing of equity stakes 
in small rranpftnux^ Bw lifting of 
unquoted companies on the bourse 
and related activities. 


General Mills extends 
recovery in earnings 


BY JAMES BUCHAN M NEW YORK 


GKNkRAT , wn.ru ^ip food pro- 
cessing and restaurant group, has 
reported a 27 per cent increase in 
third-quarter earnings, wfawfing 
fiie recovery to profitability that 

was set in train by a radical restruc- 
turing completed a year ago. 

The Miimejyntis group reported 
earnings of 558.8m, or 64 cents a 
share, in the quarter to February, 
against ttftJBm, or SO cents a share, 
in the same three months of 1988. 
Sales revenues incr eased by 18 per 
cent to $L3bn. 

Mr Bruce Atwater, chairman, 
said operating profits, which adv- 
anced 51 per cent in the third quar- 
ter, would their momen- 

tum in tHp quarter to May. Return 


on equity, which was 31.8 per cent 
in fiie tided quarter, would reach 
another record for the year despite 
some likely special charges. 

G enera l Mill* gpm ryff Hm feny ami 
fashion businesses in 1985 and con- 
centrated on its basis packaged 
food business and smaller restraur- 
ant and specialty retailing divi- 
sions. 

The food group, which indudes 
such brand names as Betty Crock- 
er, cake m fares and Kg G cereals, 
saw g rowt h to volume of 11 per 
rfrnt, leading to earnings growth of 
37 per cent to 51071m. 

Earnings were down 5 per cent to 
517.8m at fiie restaurant group, 
which operates 591 outlets. 




$ 


% 




1,900,000 Shares 

CALIFORNIA ENERGY COMPANY INC. 

Common Stock 


Brice $7.50 per Abate 


This advertisememis neither an ofier to sdl nor a solicitation of offers to buy any of ibese 
securities. The offering is made only by tbe Prospectus, copies cf which may be obtained from 
such of the und o, wri t ers as may lawfully offer these securities in this Sate. 


Laidlaw Adams & Peck Inc. 


Ibdfcej; Anthony & RL Day, Inc. 
Ratpman Kdiler, HlU Richards 

bmponied 

CrowdI,\%edon&Co. 


DalnBosworih 

teoMpootcrf 

Furman Sdz Magef JHetz St mater 


Advestytac. 

Moseley Securities CcMporatton 
Kober t W. Baird & Co. 

tacotpocawri 

jog mhg f & Co mp any , Inc. Butcher St Singer Inc. 

Eppler; Guerin & Tkmier loc. 

GnifUal & Co. 

Incnrponttd 

Josepbthal & Co. 

neoeparated 

pq^Ja ffray & U opwood 

Ipcop mt i iil 

SekDer Amdec Securities Xoc. Su troftCo . 

llKOfpOfJfiUl 

Brean Murray, Foster Securities Inc. 
B.C. Christopher Securities Co. Cratele R. G. Dickinson & Co. 

ggaifen^ Inih nfffoc- 

Emmett A. Iarida Company, fac. 


bKtHpaaeni 

sad, Kid 

tacorponted 


taatpoMcd 

Jesup & Lamoot Securitas Co^ Inc. 
YEH. NcwboMS Son St Co^ Inc. 


TCfllam K.lW»dnigaOMiya«y 

hwqoBM* 

Investments, toe. Boenning & Scatter^ood, Inc. Evam«Co. 

r N. A. Jensen & Co. A/S 

Hopper Soliday * C°-, Inc - 


Inc. 


jfitcat 

SurffcMoofe&CO. 

Match 16, 1987 


Mm Kasper & Co* 


Keeky Investment Corp. 
R.Rovriand&Co. 

Sncotpamcd 

IbokQtt&Co. 


r 


Mitsui Finance 
International Limited 


and 


Mitsui Finance Trust 
International Limited 

We have moved 


With effect from Monday 16th March 1987 
our new address is: 

Three London Wall Buildings 
London Wall 
London EC2M 5PD 

Switchboard: (01) 628 4400 
Telex: 886107 
Facsimile: (01) 638 2668 

Sales: (01) 588 9199 Trading: (01) 374 4010 


Please note that fiom this date caBs to our 
syndication, sales and trading departments will be automatically recorded. 









financial Times 


Monday Haich 16 19& 


22 


INTERNATIONAL CAPITAL MARKETS 


us 


UK GILTS 


os MONEY AND CREDIT • , 4. 

Traders look abroad for excitement 

-S- fa* „ -w-iMtaB. They are forecast ^ 




Post-Budget bull 
market likely to 
be more frothy 

THERE, APPEARS * JUS been ««e 




tuuui a» Tli ere may iu«b 

doubt that Mr Nigel —name re-rating of prosp^te 

Budget fjrtfce British economy, _y* 


THE US credit markets coih 
tinue in the doWunna and 
traders aw being forced to look 
overseas— for example, to the 
UK— for some speculative ex- 
citement US bond prices axe 
stock in a narrow trading range 
and some anlaysts are predict- 
ing that tiiis will continue well 
into the second quarter. 

For the third week in a row, 


emerged an an aggreealve bid- 
der when new corporate fesies 
are offered through competitive 
sake, and the latest Issue-rated 
Aa 2 by Moody's — was priced to 




of Redwood 


to 

show a rise of 1-5 per 

with estimatesranging 

pins 0.5 per cent to plus az 
^ The weekly money supply 


SSTSSoSS zz — — 

CM UM Wl I Wptr 



HW» tow 


A <■ 

■ i 


U5 BOND 


Market Services 
City. GaUf ornia. 

# February bousing starts (due 

iMffsr- , =s saRiSJaffiSS g=*ss--= 

pSiS^bove the compare SSjanuary-s lAn wtebmt gr, are expect^tirdww a 

Shle loSear US Treasury issue, to continue at a relatively hifjtt ^ of fftJAn-.vifc estimates 3*375^ "* rwheW 


prices and ykuh (%> 
u* a*R' yuh 

™ i S ?S 

+ ft r-* 


“^aSTofTokye put in a E-XS! «KJ& ggStSgr 


SStal" i m»kets, raising *100® nuaHsed rate of LjSm jj ISto 


appearance in the US Estimates range ** 


an- 


If*™** KjW 




c? 


of lO-year bonds on a coupon gad analysts caution that the 


around the 71 “Jj 


not "only m £ S^re'tasdM b«i'a 

financial anaitats tart of short-term speculative trad- — . . _ . 

fident first shot in the Gomn- markets based on and short-term JUterest 

menfs campaign to wan a third tog “ tetive attra ction of yields stayed remArkably stable, 

term in office. Knmie btiH interest rates The signals co min g out of the 

As tongas the Chancdtar “ JJ™LJ S£V. us erenonv continue to be con- 

mMmmmmw 

IkwsM?* as^Vigia?^ ghffMssi 

Smtgage rates. All that should Hfoe more modi of a problem, for the fifr 

Kepfoe City happy. JS^wStoggotog wrong ancial 

But it to the POlitireljg« SSr^StSnbigh. At ^ — US interest rate. 


than exf 
unreason- 


Ml fell by WOOmto a 

ally adjusted $738bn. 

m The following are i wrae « 
the debt issues wto* >« 
expected to be brou^t to 
market shortly* according 


SSi - *■ 8 ^— r 

- Low toiomun mjSTgnM. 

^ MufgMl 0* * * 00m toXmKU 


<£ . r ■' 
U’--r 
V.v 
’* V- ” : 


to 


too 


yields « *P**m US goren* « STa£d SriSd te ^Suld be W^r 

ment paper. hm_ho W «W f Jgf or 35 ba*s JSgd because of foe i 

points over the comparable any warm weather. 

Treasury issue. The bonds are ^ Personal income figures for _ 

guaranteed tor the Japanese rebruary (doe Thursday 10 am latest corporate December wto 

Government and carry an AAA -g^, ^ expected to have re- __/■ -md- calendar; flOQm 

rating from bothteading US gg ^January's de- 

credit rating agencies. pressed levels hriped fiy ijjw^ 4 notes, doe a wmwiir w « - 

The Wggest olfering of^ 5»ta wages ands 8 ^^- *125m M*rii» 
undertaken by Eat median forerast Is for , a n .to- ^ f wfc subordinated 


uiwt Supply*- m J 

MU TOKYO » OND p ^ ouro! MM 




Ovmfl 


Avene* 
yield. 
M/3/B7 l*>_ 

137.60 

"ma? 

138.13 *M 


Lett 


12wke»’ 


131 S3 W» 






tone of the ok 
bonk market more than a^ 
thing else. The C<mservatiye 
pile’s sbowtaganognimiP^ 
ta foe next few we^ 
to be one of the key factors 


tDhope that US toterret 
will edge lower at wnm stage, 
before they head higher. 

An unexpectedly large 4.1 per 
cent jump in foe February re- 
Ssalesfiguresj failed to t«»at 
the market, partly berause foe 
monthly money supply *8“^ 
werejudged to be better fo» 


139.16 

««,», — median forecast Is tomb’ ’’ISbordtoated S2S n ^3£3*SSlS ,l, ™«- — 136JW 

Boston for Allied Sto*te,rai«aJ mease of WP»“fj2 Stes. due 19«7; $10Qm Motor CoWgiiowte^— ; rCg ,,aLM C ~“ -Tf 
Snrhn rrf 114 ner cent 10 -year primates ranging from mums £"»•, u r . AVnaratioll senior sub: Y*i^«wdwtN ""g — s-jg. 

ijAwinr subordinated debentmea qjj per cent to plua -j^ated notes, due 1987; »*d Q u w nu nwit «t — • .. an ,rTiwM 


uta 
131 m 

13Z3Z 

130.09 

.132.06 


f?-*. 


1ZIA6 

1ZMS 


•*’ & 




one 




producer prices 

•"S^lSStor, c«Uw» « 

believe that foe US credit 


^ und S2KS political risk premium left 
Government * l ^ hese ^ cautious argu- 
ments. There are, however, 

some c omp el iin g favors woriE- 

ing in favour of foe gut maryet 
not least foe funding pombnm 

!^the ofoer bring the pe rform - 1 5Smnptions n«t | expected, and ihelatcrtfifP^ 

ante of sterling— to tlmlmjirt- JJJj ^ chancellor is widely I ^ industrial 

ment decisions of .potential to announce a lower I «— weaker 

overseas buyers of gilts- borrowing requirement tonw^ 

A survey carried oirt by row. possibly as low as Sb^ 

remarkable §5t“but foere are already 

S1?fflSS»g foat not a stogie worth of calls in 1 few 

jor us nmui^ — j ^ May. There has probably 

also been some buying m or 
stocks due for redemption m 

difficult to teU exactly 
where all this, leavra thegna 
funding requirement On toe 
same data, economists have 

more cautious, foan^forriffams gow^ between SOOm and jSJStment community «*■» 

£900m. However, fojs ta ■gJJ disclosed lari 
below foe sort of funding pension fund, 
requirement seen to recent 


year senior annption figures for February, ^^ faated notes, due 1894. 

ms rated B2 by Moody’s and ^ revisions to the depressed tt.ii 

Him longer-dated issue was January data, should give a due WiBlfiffi UBll 

of . US economic . • - 

FT/AIBD INTERNATIONAL BOMB 


Spurn: I**"™" Rwrch tBiOW. 


rC 

r _■ r 

T*> 


-■ 


the longer-dated 

rated BS. Both 
priced at par. 

First Boston, which »hw 
raised 8250m of, cumulative 
exchangeable preferred stoat 
for Allied Stor®, madehe^- 
unes during last autumns 
SvertStle for ABied by 
agreeing to give Campeau, foe 
Canadian bidder, a 81£bn 
bridging loan to wta controL 
Until recently it hag be«i rare 
Investment banks to lend 


January 
to the. pace 


SERVICE 


f ?- 


US DOLLAR 
STRAIGHTS 

ABN Bank ffi I 

AHFC 0/S Ho 11* ** 
A1DC Tl 80 " — sr-^s 
Alcan Australia Wi 


BM CAB- on 


m 

100 

76 


O 

+0** 

o 


3SSSS 


SSSSSSsg ‘Jstgr&E 


80 

ISO 

too 

wo 

100 


world’s biggest brewer, raised 


majority, 
market is so strong. 

.Domestic tostitotloM, 


corporate debt l^uee JigtoV^year debentures on 


SST SeTI thkd 
levels in foe opening months of 


“cUto.CMPM.5® 


ss-jsrsfSus 1 ^ 

counted an awful lot of good 

n ^Sowever, foehr caution has 
wofoSto their dlsadvartege aa 
massive funds have flo oded to 
from abroad. The “tieme 
volatility tif trading and large 
price movements Mte ^deag 
evidence of the extraordtoary 
of toternational optoiM 1 

to move the gilt maikrtwUA 

^^iseojgartgve^^g 

volume of funds available for 

i °Some carton may be justified 
for foe gut 


about prospects — - 
market after foe 
technical grounds, it appears 
tfaatboth foe currency and bond 
markets have been overbought 
and there must be large scope 
for to^ng profits (as bec ame 
clear on the foreign exchange 


years and leaves the market 
technically very well placed. 

In these beady and politics- 
dominated times, it is almost 
impossible to predict where foe 
market will go from here. 
Economists at Goldman Sachs 
ouess that the next SO basis 
point move in yields is more 
likely to be downwards than 
upwards as foe market becomes 
Incr easing l y certain that foe 
Government will go to the polls 
eariy and win. M 3n ofoer words, 
there may be more life in foe 
silts bull market after foe 
but it is likely to be 
increasingly speculative and 
frothy,** they say. 

Janet Bush 


■week that its 
which moved 
SS^totofoe bond market 
when yields were roughly 
double vrhat they .we today, 
planned to sdl flbn _o f «■ 
lasfoa bond portfolio and invest 
the money in foe equity mat- 

fcot 

Meaowhlte. Smithy tow 
notes in its latest credit mar- 
ket comment that many of the 
corporate laaues whlfo came to 
market last week were priced 
“much too aggressively and 
as a result several had a poor 

”?£*$ the most aggressive 
issues was $200m of 10 -year 
notes for BockweU fotMMjti^l 
which was carried out by Daiwa 
Securities America. AJong wlfo 
Nomura Securities International 
and UBS Securities, Daiwa has 


a yield of 809 per *»nt. 

The * foHowing ecom^c 
statistics are due to be rrires^ 
this week, along w ith fo e mar- 
joBt*s mofian expectations 


FEDERAL RESERVE 
MONETARY TARGET 



100 

12S 

100 

TOO 

3E0 



Alcoa Aurcralia I 1 

Amartcan Ew 1A » 

Aslan Dov Bk 11% 93 
Australia 11 JO 

Australia lit, CO 

Auatria Zara 93 ...-«-• ™ 
Bank of Montrt ID* 87 W 
Bank of Tokyo BS 96... 

Bank of Tokyo 11 »- 
Bank of Tokjio 1« » 

Bank of Tokyo 1ft ® 
Barclays Jaraay » 
Barclays Jaraay WW 95 
Belgium 74 97 .— — — 
Belgium 1*» 9t 
Batawost Prop « 33 ■- 
BFCE 7** S3 
Bk Nova Scotia 13S 87 
BNP ft 93 

BNP 13*i 89 

BP capital Ml 98 

BP Capital It**. 

Br Col Hydra W* » — 

Br Col Hydra 11A » - 
Campbell Soup 104 96 
Canada HA ® •*— —* 
Canada 11 s * 90 
Canadn Unp Bk 1ft 
Can Natnl Hall 1ft •* 
Canadian 

Canadian Pacific WJi » 

SLSSUSiH J 

BfiTrf 

Cftavron USA IS, 89— WO 
Citicorp 1ft K -“■K 12 
Cofaate-Palmornra 9P, 96 w 
Sm Bk Auawana to w WD 

Com Bk Aostrlia 1Z*i 

Continental Qtp lft® 25 

Cracker National tObW J* 

Dart Kraft A 1 CP* 96 SW 1W 

Danmark 0 98 5" 

Denmark 7 W 

Danmark 1ft » — — 

Denmark 11>J®^A— " 

Danmark la 92 XW 
Danmark “ 

Doutacha Bk Fin 1JP* 89 
DCT Asia tP, 91 W 

Dutch St Minas 11V 91 1® 
ECSC 7 89 — * 

ECSC W» 96 — 

EOF 10A 96 A 

SC 9ft 90 — * - 

EIB 7ft 93 
HB 8ft 88 


BO 

300 

160 

MO 

WO 

12S 

160 

MO 

160 

am 

am 

MO 

BOO 

600 

WO 

WO 

WO 


toy, 

W3 

weft 

weft o 

108ft “Oft 
1«ft -£* 
110ft +0At 
117ft O 
51ft -Oft 

Wflft -Oft 
102ft 0 

1W 0 

■118ft “25* 

iw. -£• 

108ft -«i 

nnft -£• 

Wft -oft 

woft -oft 

"1&* 
97ft —Oft 
Wft -®ft 
103ft 0 

114ft -Oft 
107ft O 
iiift -£* 
IWft +Vm 
IWft -Oft 
113 -Oft 

’?& !L 
nift -£» 
ns -«• 

113 -Oft 
98 0 


Yield 

7JB7 

11.W 

7.17 


Ml 
630 
8.57 
7j09 
8-90 
8-31 
7JB6 
8j03 
7M 
7J7 
7477 
7 JO 

aa 

7JS1 

7J9 

7.77 

7 JB 

7J3 

6.03 

7.12 

7JN 

8J2 

6J7 

7 JO 


P atro-Canada T% » 

Phmp Morria^. W « 

Pwt 0*1 Km ■ tg " 
Postpankkt lift ® 
P?^r l D* 10 88 
pru BW Saw , 0 W - 

Qantti Aii way 


Quebec- Hydro 10 j 
Quebec Pro* 


Pnw 13 90 « 
Quaanald Gat lift ” 


700 


WO 

WO 

wo 

200 


76 

WB 

WO 

350 

160 

WO 


CID o-* W en 

EIB 8ft 88 JS 


EIB Bft S3 

EIB SPa 93 — - - 

EIB 10ft M 

OB 11 91 — •— 

EIB lift 91 

Eksportiinana O 9* ..~~ 
Eloc da Fr Idft 6® to 
Ell Lilly 10ft 90 jj.....-- 
Emaraon Elec 9ft 95 SW 
EHEL.10.96 


WO 

wo 

aw 

128 

73 

3W 

am 

150 

100 

400 

WO 


am 

wo 

160 

150 

WO 

WO 

78 

150 

100 


WO 

wo 

176 

WO 

200 

200 

129 

200 


TOO 

IW 


EngBlhard Corp" lift w 

Eurofima M; 96 w 

Eurafims 12ft W " 

Export Dural 9ft W -- 
Export D« Coro W* 90 
Export DavJ 10ft » — 

Export Davel lift W - 
Export Dave! 12 » -• 

Farm Credit Corp 7ft W 
Finland IZft 9* 

Ford Motor Wft 93 ... 

Forsmarka Vk M - 
Full Bk B Jat7ft 91... 

Full ln« 90 VmTm 
Gu da France 1»» 93 
Gan Etoc Crad 9ft 91 ... 

Gan Bee Crad lOftSO... 

Gan Sac Crad 12 9* — 

Getty OH 14 69 

GMAC 10 » — 

GMAC 10 92 ■-■■£- 

Gram Rnance Wi M... 

Gulf Canada 14ft 92 ... 

GZB 14 91 Wg 

Hiram Walker 16 W — 

Holl Air Fin 12ft 91 ... 

IBM Bft **"—"• 

IBM Credit ,10ft W ...j~ 

IBM Wrid Trade 1»j 92 
|C Industries 12 90 - 
Inco 9 92 

Ind Bk Japan 10ft ^ ■" 

Ind Bk J«P4".2" ® 83 
Int-Amer Day 12ft 81 

Int Paper 12 91 

IPF 12ft 92 

Italy 8ft 91 

ITT Credit Carp Ig, 90 
Japan Air Llnaa M. 86 
Japan Day Bk 10 W — 
Kellogg Co iMi 90 ... 
Liberty Mtual 8ft 90 ^ 
Lockheed Corpn 7ft W 
Long Term Cred 1M. » 
Long Term Crad 11 M 
Long Term Crad lift 
Manitoba 7ft 96 

Manitoba Bft 91 

Manitoba 13ft 89 
Marks & Spencer Bft 88 
Marubeni lift *1 -«kj 
Mb road as Credit W, 93 
Mercedes Cradh 7ft 93 
Marrlll Lynch 8 to ...... 

Merrill Lynch 9 88 


to® "2* 

715ft -Oft 
103ft -Bft 
88ft O 
12 0 
0 

Wft —Oft 
to®> 

iwft -oft 
Y12 -Oft 

waft -oft 

an 0 
lOTft +0ft 
3B -Oft 
WOft o 
W3ft -Oft 
116ft 0 

wi 5 

121ft 0 

113ft -Oft 
WZft —oft 
104ft -Oft 
WOft-Wa 
W2 “Oft 
108ft -Oft 
106ft O 
WOft -Oft 
101 0 
WOft o 
101ft -«• 
101ft -Oft 
Tttft -2« 
I«ft -£• 
111ft -flft 
55ft —Oft 
iwft o 

112ft -Oft 
MTft 0 
W6ft +Wa 
W9ft -Oft 
MB 0 
112ft -Oft 
103 O 
WOft -oft 
103ft -Oft 
W7ft O 

111ft -gft 

98 —Oft 
126ft -Oft 
WOft -«ft 
Wflft -Oft 


6.71 
74» 
12.22 
1091 
8.13 
8-80 
7 JOB 
WOO 
731 
830 


B.76 
8.19 
7 XL 
7.17 
WJS 
7J1 
8JM 
8-86 
BJO 


7JS 


Mer Lyneh 0/S I Oft 90 

jbla " 


Mltaublahl Cp 10ft 92 - 
Mftsubiahl Eat IWj * 
Mltabshl Hn HK lift 90 
Mltabahl R" ^ HI S- , Sr 81 
Mitsui Tat Hn 12 91 ... 
Mobil Corp 10ft 90 - 
Morgan Gty Tat IgW 89 
Morgan J ** lift 92 ... 
Motorola 12 9* 

Mount laa Fin 13ft 87 
Nat West Fin lift 92 — 
Nad Gasuqia lift 90 
New Zealand 7ft 89 — 
New Zealand 7ft 91 ... 
Naw Zealand 7ft 91 ... 
New Zealand 8 93 ...... 

New Zeeland M — 
New Zealand 10ft 95 - 
Nippon Crad tt 1^« 88 
Nlaho iwal Wb — 
Nova Scotia lift jj; 
NSW Treasury lift 30 
Olympia & Yorfc jBft 98 
Ontario Hydra 10ft » 
Ontario Hydro lift {» 
Ontario Hydro lift 9* 
Ontario Hydro lift to 
Ontario Hydra 13ft « 
Ontario Hydra 14ft ® 
Ontario Hydro 18 02 ■« 
Paolfic Gas »B « «] 
Pacific Gas & El 1ft «9 


75 

100 

200 

300 

200 

75 

WO 

WO 

160 

160 

75 

WO 

220 

1BO 

75 

150 

WO 

WO 

150 

160 

WO 

wo 

TOO 

160 

125 

100 

WS 

WO 

WO 

WO 

200 

am 

200 

too 

50 

100 

WO 

wo 

200 

150 

100 

70 


WOft 

Wft 

118 

104ft 

WSft 

114ft 

100 

WZft 

107ft 

108 

113ft 

120 

iw* 

106ft 

Wft 

Wft 

112ft 

Wft 

98ft 

108ft 

101ft 

1» 

WSft 

Wft 

104ft 

10ft 


7J3 

733 

738 
93* 
833 

734 
833 
7.79 

736 

735 
8.12 
838 
8.77 
84B 
7.11 
■■06 
830 
637 

739 
838 

833 
830 

737 
7.08 

737 
7.10 

834 
636 
838 
7.88 
7.73 
834 
1M 
734 

738 

837 
830 
938 

838 
1334 

—Oft 632 
0 831 

0 938 

-Oft H-04 
-Oft |3fl 

-Oft 7.76 

o w.m 

O 636 
—Oft 

-Oft 937 
—Oft 9.12 
-Oft 

0 839 

-Oft 7.73 
—Oft 7.47 
0 WJ4 
—Oft W4J1 
-Oft 734 
-Oft *4® 


Raltton Pufln® ® 
S^Sda H- J- IW. 93 
RockwaiTloj Oft » — 
Saakanshewan 91 1 ... 

Saakatchawan ffa 8lg 
Saa k it c bawaa 

SAS 10ft 95 

Scat Inti Tin 1W» ®°~“ 

Soara 0/S Hn 0 98 -. 

lain Q6S Fin IJft »S 

Soars Roebuck 10ft SI 
sac Pacific Wft 88 
Shad (Canada) 14 ft 92 
Shall OK »a » — 

Standard Oil 10ft W -. 

St Bk Sth Auat ?ft S3 
State Bac VTct 10 « 
Sth Aus Gov Rn 8ft 98 
Sumitomo Fin lift 81 

Sweden 8ft 94 — 

Sweden 10ft to ■ ■sr , s: 
SwadM Exp Crd ji to 
Swedish export lift » 

Taiyu Kobe lift 90 — 
Talyo Kobe 12 *0 
Tenneco Corp lift 
Texaco Capital 13ft » 
Texas Inet lift ®1 — 
Tokal Asia lift to — 
Tokyo Mmro 8ft 98 — 
UBS IZft 91 
Unilever Cap Co flft to 
Vlct PBC Autb mi 98 

Warner-Lambert 8ft 98 

Walla Fargo ISftH-- 

Wayeritauear lift 9Q 
World Bank 7 ‘ JKt - — 
World Bank lift » — 
World Bank lift g — 
World Bank lift » ~- 
FLOATING RATE 

NO™ 5 . . »„ m 

Alaska Housing 1/10 0» 
Alberta Provtoca ft* to 
Alliance A LbIc»O.OB 94 
Allied Irish ft 
Amir SAL B.15. ® 
Banco dl SkriUeft,! 92 
Banco Roma 1/W to- 
Bank of Boston 1 , 2000 
Bk of Mootraal ft» 
Ban Indoax ft 91 XW £ 
Barclay* O/S Inv ft 04 
BBL Ind 93 



SwmTiK » 

Craxan 300 

Eaatraan K^ak Bft m 

EWer* U£ * — _ 80 

Fanoc 3ft 98 

: acs:s«w» ™ 

Ulder-Cara Vnt O 1 * ^ 

■BesaBUtS 


-Ml 


W3S 

HU) 


SSWf - B 


70 


RockaN|tle r Ca n U^°° 
Soothwest. Alt m» *•* 


Swiss Bank Cpip„«i 90 


120 


ciptal Uft 94 

ToSlba Caramiw » “ 

Xerox Corpn 6 W 


50 

76 


117ft O 

W«ft P 

neft. rift’ 

115ft -Oft 
239ft O 
0 

108ft ,+Oft 

IMft -2 _ 

waft -a 

98ft -2 
127V d-lftj 

122 . +*; 

12Dft +Zft -034 
29ft +0ft-W37 
86ft -1ft 8938 
146 ■ -2 -W.W 

wi o "-mst 
tHft 


5 


88.17 

-~7.16 




YEN STRAIOHra 
Allied Slg"*i 6ft93 - 
Avon Prtidum ^ "j- 
Bendaya O/B 6 98 — 

grs^.f7»" 

Eurofime 6ft ® r- — 1 

Eurofima 6ft to 

FNMA «. to - 

GMAC 8ft90 jj-jg-***. 

Int-Amer Dev 7ft 93 
Intel 6ft 92 

McDonald Sm' ^ 

Haw Zealand 90 •** 
New Zealand 7ft 89 ~ 
PennayJ C «ft» -r 

PhUip MorriaBft 91 

SaUla Mae «ft to * 

■TRW 7 94 j.----" 

World Bank 7ft » 

World Bank 8 93 — - 


97ft 
BM Ctog. oa 
Issued price wejk 
2D 108ft +0ft 
2B Wfift . 0 
40 2 

W 1Wft-+^» 

20 . 108ft O 
GO Wflft 0 

W IMft +0ft'. 

- S Wft ; 

■js 

JO • 110ft 0 

» itoft +£• . 
16 IW. -+S* 
16 wr, +2* 
» wo** Tjy 

20'- 107ft"+0ft 
26 109ft tr 

16 io^ rw* 
2ffi IT*. I'll* 
20 1l5ft- +Oft . 
Wd Cbg-oo 




637 

6J08 


E3f 
* ^ 
830 


•38 


431 

833 

MB 

431 


437 

433 

434 
437 


432 

,438 


Wlft 

WOft 

— O - 
m wsft -Oft 
am o 
200 IW 0 
too wsft o 

WO 113ft -Oft 
Bid Chg. «*■ 


1837 


Mfl 

839 


Balgiom ft 9* C 
Belgium ft* 87 
Belgium 00 ~ 

Belgium ft* 04 
Belgium 06 
Bilbao Inti QJBB m — • 
BNP 05 
CCCE ft » 

CCF 87 



tU *"n“ , ^SS , k *1*3? •- 

SB 3? A 

SBiftfS'S 'St S 

Benautt Auc 7ft 88 gjH.ny.ai 

GWLDS1_ , |-wdp>1a 

STRAWHTS WSft O . 

ABN 7ft 89 • Igg - taSfe O 

ABN 8 ® •V'm WO W2ft —Oft 

Amro Bank 7ft » -r- gj wp, 0 
Amro Bank 8 ■■■«-“ KBft —Oft 

Dgjtrka Foods P* ®~ 15? <uBft . O 

■araabo »to^ -••—^-‘55 io7ft o 

Dennwrk wo - 104 «. 

tm Stand iMft O 

Haw ZMbndft » — w BM Chg. on 

CANADiAN DCUAR JSa^Srtt 

BTRAlGHra ?WO Wft 

SSSafe 51 “ ^ 


Wd 

W38 

838 

836 


730 




YWd 

8.14 

83B 

8.10 

839 

837 

6.16 

8.16 

832 

832 

832 


Anar n~v— — - n 

Bank ol Tokyo Wft 8* 
Bqa I'Mdoeua* VI Sn— 
Br cd Murdc 1g* 91— 
Br Col Munta ISftJ 1 "* 
Br Col Tela 12ft » -- 

Kim. Cred Cold IS* 90 


76 

.76. 

WO 

1» 

70 

76 


+0ft 

+0«a 

o 

+0ft 


-Oft 

-Oft 

-Oft 

0 

-Oft 

-Oft 

-Oft 


uvr of 

Central Inti 1/W 00 
Centroat 0.15 to 
CEPME ft to E 
Chase Manhattan ft to 
Chase Manhattan ft 08 
Chemical NV fti 87 » 
CWcrop 0/S ft ®* 
Cltizana Fad C.15 98 ^ 

Commerzbank ft » ... 
Council of Europe 93 
Crad for Exports ft 92 
Credit Fonder ft* 84— 
Credit Fonder 97 — 
Credit Fonder ft » E 
Credit lyonnata ft «... 
Credit National *» *— 
Creditanstalt ft* to — 
Eldorado- Nuke 89 — — 
ENEL ft 93 E — — 

Fano SASW * 

Farm Dal Sttt 97 

Flnnpap ft ® — 

Rret Bk System ft 97 
Rrat Chicago ft* to _ 
Ford Motor Cr ft 91 ... 
Genflance ft 94 

Grindlaya ft 94 •• 

GW O/S Bn 94 — 
Halifax BS V& « (*! 
Halifax BS 2/» M (B 
Hasalachs Lands* by B 

Iceland ft 00 - 

Ireland ft 98 E 

Ireland ft 97 

lavslmar ft 90 — 

Italy ft* 06 — — — 


WO 


99ft 

0 

Oft 

•ft 

Wft 

—Oft 

•ft 

flft 

WO 

-Oft 

lift* 

90ft 

0 

6ft 

8ft 

Bft* 

18 

-2 

•ft 

6ft 

•ft* 

99ft 

0 

S - 

99ft 

0 

•ft 

wo 

0 

7ft 

6ft* 

lift 

•ft* 

99ft 

0 

7ft*. . 

■ 

' 98ft 

■ o- 

•ft 

lifts 

5»ft* 

•ft 

6ft 

96ft 

0 

6ft 

. 98 

-1 

■ft 

Wft 

-Oft 

Bft 

6ft* 

WO 

0 

Bft 

wo 

0 

Bft* 


as3fs= * 


ss:s^uv«!-- 


■S2Ti5j5te'*»' 

Nova Scotia lift® 
Royal Truatoo 10ft 90. 


60 

76 

WO 

76 


+0ft 

+0ft 

-Oft 

+Oft 

-“ft 

-Oft 

+Bft 

+0ft 


ECU STRAIGHTS 


ISek Yield 


106ft 

WO 

Wflft 

106ft 

WZft 

WOft 

■MHft 

WOft 

Wflft 

96ft 

Wflft 

TMft 

Wlft 


—Oft 

0 

-1 

-Oft 

-Oft 

0 

-Oft 

-Oft 

0 

0 

-Oft 

0 

-Oft 


8.14 

8.12 

837 

a.w 


7.11 

7.18 

733 


WO 

76 

300 

2 m 


wo 

wo 

200 

wo 

wo 

wo 

180 


260 

2m 

200 

200 

WO 

160 

150 

78 

46 


Penney J C lift 90 «■ WO 


IWft -°ft 

98ft +Oft 
101ft -Oft 
WOft +0*. 
103ft -Oft 
108ft -Oft 
Wflft -J* 
107ft —2 
111ft -Oft 
115ft 0 

H2ft -£» 

107 -Oft 
111ft -Oft 
weft o 
117ft o 
IMft -Oft 
117ft +Oft 
111 0 
WOft +«. 
90ft +Oft 
WOft O 
WOft O 
Wlft O 
IMft -Oft 
Ttfl 0 
IWft -Oft 
Wflft 0 
111ft -Oft 

toft -«ft 

108ft —Oft 
IWft -Oft 
125ft -Oft 
113ft -Oft 
12Dft “Oft 
114ft “Oft 
taoft -oft 
118 +Oft 
0 

wsft -eft 


836 

734 
736 
739 
830 
738 

735 
738 
635 
732 
832 


736 

838 

837 

738 

7.12 

936 

8.72 

736 

7.72 
733 
736 
7 SSL 
738 

733 
738 
833 
738 
832 

1037 

734 
838 
732 
636 
7.72 
7.19 
730 
738 
7.75 
938 


KB Iflma 0.1S 11 
Korea Exchang Bk ft 00 
Lincoln S fc L ft to ... 
Unfln Cpn ftj 01 -..~— 
Malaysia ft 92....—,.. 

Malaysia ft* 06 
Marino Midland ft* « 
Midland Inti ft 92 ...... 

Milk Marietta ft* 93 ... 
Mitsui Fin ft 88 
Mtg Intertned ft W E 

Nat Auat Bk ft 97 

Nat Bank Canada ft 91 
Nat Bank Canada to .. 
Nat Bk Canada ft to 
Nat Bk Detroit ft BB 
Hat West ft* 06 — 

Nat West Hn ft to ... 
Nationwlda 1/10 to ... 
Nad Com ft 9* ■— -« 
NBD Bancorp ft 
Northeast Sav 1/10 98 
ONGC ft* 98 


160 

ISO 

WO 

IS 

TOO 

am 

175 

608 

150 

WO 

WO 

WO 

250 


Wft 


wo 


WOft 


150 

150 

76 

WO 

SO 

wo 

50 

200 

150 


. 100*7 


WO 

250 

200 

WO 

WD 

126 


-Oft 

11*1* 
flPft* 
Oft 

0 Sft 

Wft 

Fa 

0 6ft* 
6ft. 
8ft. 

O 5ft 
6ft 
eft 
Bft 
Bft* 
6ft* 
6ft* 
lift. 
5=1* 

+Oft lift 

Oft 

+0ft 7 

esft* 

6ft 

-1ft 9ft 
6ft* 

WOft +0ft Bft 

lift* 

N -Oft Bft 
97 -1ft Bft 


99ft 

91ft 


WOft -Oft 


86ft 


WO 


S f Jrs , ^i= ™ 

3S2S31S.” S S 

Ren (a 88 600 

Santa Barbara SW. ft BS 7B0 
Scandinavia Fin ft « « 

Scot Inti Flo ft to - WO 

Sac Pacific ft 92 — . WO 

SNCB ft,»1 -2 

Sweden ft 2006 °UQ 

Talyo ft 0* — «» 

Takugln ft 97 ■■ ■ ■— ."■ wo 
Thailand ft OS 


•Bft 

85ft 

96ft 


0 

-Oft 

-Oft 


wo 

98ft 

89 

«ft 


•■ e 

0 


8*ft -Oft 


6ft 

6*ft* 

Bft* 

6ft 

Bft 

6«S» 

Bft 

lift 

Bft 

BS* 

8ft 

Bft* 

Bft* 

Bft 


Auatria 10ft 33 

SM a i 

S'Jft.'fTK-KB 

Chryalar Fin 9 92 
Colgate-Palmolive 8 91 
Cred Lyonnalaa 6ft to 

Cred National 10ft «— 
Crad National lift ?1— 
Credits nata it 8ft 94 — 
Danmark 7ft — 

Ebco Inti 10ft 89 

EEC lift M - 

BB Oft 96 

EIB 10ft 94 

EIB lift to .— j- 

Genfinance 11 90 ■— 
Giro Vienna 10ft to — 
GTE Finance 10ft to 
Ireland 10ft 9§ ..-j— — 
Italian Govt 10ft to — 
Italian Traaa lift 90 ~ 
Italy 9ft 89 

Kredletbank L 9ft 32. ^ 
Morgan Gty Tai Bft 90 
Royal Bk Can 103 » 
Swedish Export 11 89.— 
West LB 10ft 31 — 

World Bank 10ft 88 .- 
AUSTRALIAN DOLLAR 
STRAIGHTS 

BMW Fin A 13ft 98 SW 

Nat Auat Bk 12ft 88 — 

SBC Australia 12ft 80— 

WoBtpac Bkng 12ft 90 

STBRJNG 

STRAIGHTS 

British Oxygen lift 91 

Denmark 10ft 88 — 

EEC lift 94 

Emhart 11 82 

Euraparat lift 82 ...... 

HalUax 88 Sft 93 — 

Ind Bk Japan lift 9S ... 
Int Stand Boe lift 69 
Investors Indus 10ft S3 

Ireland lift 94 

Kredletbank 10ft 92.™ 
Laeda Permanent Sft 93 
Mltabshl Hn HK 11 SO 
World Bank 10ft 89 ... 
Worid Bank lift 88 ... 
Yamaichl Sea 3ft 81 XW 


102 
Tift 
0 
0 

WOft 

10«. 

106ft 
WOft 
113ft 
lift 
106ft 
Bid Chg- «l 
Issued price 

w 4b 

130 106ft +ft 

80 W4ft +0ft 

iso WSft o 

150 Wft +Oft 

'S ffiw. 

7fi ® 

76 101ft 0, 

BO W8 —1ft 
Bo 107ft 0 

67 «ft +S“* 
250 97ft 0 

68 102ft 0 

60 W7ft +0ft 
200 106ft +0ft 

130 112ft +0ft 

75 107ft +0ft 

70 Wft O 
60 WB +Oft 

GO Wft O 

50 106ft O 

000 Wft -ft 

em Wft o 

200 IMft O 

■75 weft -HP. 
WO WB O 
86 Wft 0 • 
67 10ft 0 
BO W6 +OS 

wo was +ft 

Bid Chs.ua 
laaued price week 
76 101 O 

» 86 0 

50 to o 

BO Bft 0 


Yield 

ftJto 

939 

1034 

W37 


1138 

832 

W.1B 

9.74 

92 

932 

939 

838 





yj: 


r- 

. 

i >»> 




01 


732 

737 

933 

8.48 

8.18 

736 


1^ 


1& 
1M- 
7 M, 


736 

74» 

933 

8*2 

833 

736 


9.W 


8.16, 

;830 

837 

8.62. 

7.14 

’-83* 

7.4* 

93*- 


838 

838 


YWd 

1336 

1637 

1330. 

163* 


76 

50 


BO 

loo 

30 

HO 


60 


80 

SO 

100 

wo 

20 


Expiry 


1030 


Veralnvraet O/S Hn 81 
Wells Fhrgo OJSto 92 
Walla Fargo *1*98 .- 
Walla Fargo ft 97 ...... 

Walla Fargo ft « 

Wells FareO ft 00 ...-. 
Westpac Banking ft 97 
Wood* Ida Rn (Fflb) 97 
Woolwich Equll ft 95 
World Bank 035 M 
Zantial Und Kcm ft 81 
CONVERTIBLE 
BONDS _ 

American Bnkia 8ft 01 
BET 6ft 01 £ 


60 

86ft 

0 

6ft 

WO 

in 

90 

tl -1 

Sft 

Bft 

•ft* 

260 

200 

200 

Wft 

0 

«*ft* 

Bft 

6ft 

150 

to 

0 

•ft 

300 

200 

2S0 

■8ft 

0 

Bft 

Wft 

6ft 

30 

98ft 

0 

B*ft* 

BM Cbg.an 

Issued 'price week Pram. 

70 

103 . 

-Oft 

3937 

86 

TfTft 

-1ft 

-W03 


EQUITY 
WARRANTS 
Caalo Computer ... 8/3/89 

Dow* Mining 20/7/90 

Fujrta Corpn — 8/8/91 

Futitsu — 31/1/91 

Gunze 23/11/90 

Mlnebaa 22/5/91 

Renown Inc . 24/1/89 

Selno Trans T7/3/B9 

Sonoike Mfg 12/9/91 

Sony Corp — — , 28/4/90 
Sumitomo Corp — . 24/1/91 

Toray Ind 10/12/90 

UNY 17/8/681 - 

BOND ■ Expiry 

WARRANTS . data : 

Aegon Ina lift 81 16/2/88 

Dart KreftF 10ft 98 1/1/98 

D Noraka Cr Bft 98 8/8/89 - 

Ekaportfinaa 13ft 89 16/9/87 

Gan Elec CM 12 94 16/11/87 
Ind Bk Jpn 12ft 91 5/10/89 

Mitsubishi F 12ft 91 8/11/89 
JP Mozoan lift SO . 18/8/87 
NordTelv Bk 7ft 96 90/10/91 
Suml Tr Ftv 12ft 92 20/2/92 

Wile Frgo A 12ft 91 27/12/89 
Wcyflrhtr C Uft 90 IB/11/87, 


Bid Cbg. on - 

leeoed price week . WjS5' ' ■ 

50 WBft +0ft/9b87- 

iwft +oft 

Wflft 0 9« 

106 0 M3* 

■KHft -Oft >-1131 j. 

Wlft ■ -.0 • .. ; -M8 r . 

IMft 0 103* : 

-O- • . • ■ 

o 

O 

101 ft o’ 038. ■ 

75ft +0ft W3* 

Bid Chg. on \ . 

pride week; Praaa. 

■ « +7*tf‘ 1A3B-. 

’Si- WrYS: 

s--y ys: 

17ft, +B - 1330 
24 +2 2033 

-** +2 . -i3 

■ St +1 •' • 8138 ^ 

00 +4 XXL 

64 +1 . : 82 V; 

.12ft O , 8138. . 

BW Cbgr on - - ; 
price vye^t yWd 
THft -3ft 736 . ^ , 
26 0. 930 • • ; 

10 wf - 734 "V 
126 -flft 73* ; 

■MO -as 934 
187ft -5 J* .;■ 
182ft -B 

79 -lift W 1 - j 
20 +2 - 737 -j . 

wo -18ft ., 830 * J. J 
188 -67 * 2 » -, 

82ft -Sft 837 - 


(mteiGHT BONDS- Yield to redemption of the mM-pric a. A mount jaau^ la 
DWIGHT two except ter yen bond a. wham h lo In 


WARRANTS: Equity warrant pram -exercise premium over currant attain- PROfe^ 


expressed in mllliona 

ar JJtrti aats-tsa 

lutn ' 
most 


Bond witram « yld-exerdae yield at currant warrant price. 


ram price. v 

Ctoilsg prices on March .13* 


«r?r..‘3^. us .« sss«* , s , s« , rt 

recent ehare price. 


ATha HoaneU Tlmaa Ltd.. 1987. Raproducilon in whole or fa pan fa any. 
Srm not permitted without writarn consent. Dare supplied by Aeeoctation -^t- 


InrematioaaL Bof*J Dflfllem- 




W'- 






S»v 


!*S - “ 'I: 


k. 




. -*v 


Tl 




'J 


■Tv 










^aiMnal Times Monday March 18' 1987 

INTL. COMPANIES AND 

^ M ■■ m ■■ 

Investors’ AmcRAFT MAKER cancels usaf contract 




IIFW miewiatwhial bond issues 


£5* C T 


mtjm 

% 


^ “Q 


^ ,, 


-*i- "■ s 


on Korea 
Euro Fund 

Haggto Fori bt Stoid ;' 

EUROPEAN INVESTORS 
Interested, in the Sooth Korean 
stock market -will -receive 
briefings in five cities this week 
oh the. Korea Euro Fund, to be- 
lanached on March 24. 

. Interest is expected to be 
high following' the success of 
the Korea Fund, launched in 
tiie US in 1884, 

Direct foreign investment is 
not yet permitted in the South 
. Korean stock market, which is 
presently undergoing a boom 
due to the large amount of 
liquidity in the economy follow* 
ingthe co untry first ever trade 
surplus. The composite stock 
price Index (dosed at 359 on 
.Friday, up from 817 only a 
month ago. 

Analysts believe . South 
Korean stocks, are undervalued 
with substantial growth poten- 
tial. The Government has com- 
mitted itself to liberalisation of 
the market,' but is known , to be 
concerned about allowing 
foreign lnvestmentjtoo soon. ■ 

Barings and Ssangyong Sec- 
urities are joint lead managers 
of the fund, which has capital 
of $30m. The portfolio will be 
managed by - Korea Schroder 
Fund Management, 


STAYING IN 
HOLLAND? 

To complete the 
needs of the business 
traveller, 

complimentary copies 
of the Financial Times 
are available to guests 
staying 4 in the 


.SIDED! men "• - j 

KURHAUSHOTEL 

jcmvinnwEN-oeNHAW | 

r FINANCIALTIMES 

UWDON- ntMOCfURT -NEWTOW 


NY 


BY WBLUMI HALL IN NEW YORK 

FAIRCHILD INDUSTRIES, the 
small and 'financially troubled US 
aircraft irmTn^faHiTT^ r, has- can- 
celled its contract to -build T-46A 
trainer aircraft for the US.Aii Force 
and will dose its aircraft asse mb l y 
plant in T jy n g Island, . New York, 
with the loss of more than 2^00 
jdbs^ 

Mr Paul Wright, .president, said 
flint when the company’s Fairchild 
Republic subsidiary won the con- 
tract to build toe T-46A. for the US 
Air Force in 1982 it had e* p erte d to 
build hundreds of trainers, “but 
with fbe. budget constraints the Air 
Force faces, toe trainer’s priority 
Hwriimiri , arid the Air Foroe can- 
celled it.” At one stage the plan was 
to build as many as 850 aircraft 



costing S3 5bn- 

However, industry analysts note 
toat the contract far the training 
aircraft has been plagued with pro- 
duction difficulties and Fairchilds 
own financial problems - it has lost 
J229m from discontinued opera- 
tions over toe last two years - en- 
couraged ft to quit the highly com- 
petitive aircraft construction busi- 
ness. _ , „ 

' in 1985, the company cancelled a 
joint venture to produce the Saab- 
Fairchild turboprop aircr aft be- 
cause of cost over-runs and produc- 
tion difficulties. . 

Mr John Saadfard. president of 
Fairchild Republic, blamed the lade 

of additional funding for the trainer 

and the Air Fence’s position that it 


codd not afforf a new tanner over 
the next several years ta t* 1 ® dear 

non to dose the compass aircraft 
manufacturing plant at Fanning- 


S the T-48A programme. 
However, funding did not matenai- 

. ■ a., ..n ui i-mAithiI WfflOtt 


and attempts to find new parfams 

far the project failed. *D>e T-4JA 

was proven in flight testing that rfs 

a good airplane that wouki seve 
tfae Air Force training needs well, 
MrSandfardsaid. , ^ 
Fairchild Industries lost SUnm, 
«: SL58 per share, in 1988, after 

{^editing a 544An gain reflecting a 

change in penskm fund accounting. 


In 1985, the company lost 8167m, of 
£1117 per share. 

The company's sales rose by 1LB 
per cent to 8643.3m in 1988. Fair- 
Child shares closed unchanged at 
$13K on Friday. ' 

• Rockwell International, the ma- 
jor us defence contractor, is to 
spend a further SSOOm on 
reparchasthe last year, the compa- 
ny has spent S481m buying back 

10.4m of its shares and reducing me 

outstanding to 140m. At cur- 
rent prices, the company says that 
toe latest share buyback pro- 
gramme would reduce the n um ber 
of outstanding shares by about 7 

per cent Rockwell shares closed at 

$54% on Friday. 


1LS.WU** 

Gami Bank St 
HhwislitoRTwfaalt 

Ew&in 

BJft***t 

fcaWfaWt 


S2. t E3E5 ! « 1 



HwiSkLt 

HMlwGnapitn 


IbnfcHpkot 

C8S Inc. 

CANADA! DOUABS 

KBFwncat w . 

tew 

Hy*o ihabrat 

mat 

ABSTBAUANDOUABS 

'ssiss&i 

BnwtowMbkHLt 

Paatete Ba^Fin-t 
NEW ZEAIAND DOUABS 
BkafraaScafaj 

O-MAWS ^ 
BMHMt 


SB 2982 
30 2082 

50 2882 

iaa 1992 

159 1982 

158 1884 

288 1992 

158 1982 

135 19ff 
208 1987 

259 1997 

158 2817 
188 1197 
3112 2817 

129 1992 

158 2802 

125 1990 

158 2882 
158 280 

125 1817 


town te. 
ftmntaL 
Koran ha. 
Horan bL 
DnraabL 


Philippine nickel mine offered Soviet help 


BY RICHARD GOURLAY IN MANILA 

TsvETMETFROMEXPORT, .a SS?S^e. Side ’ 

Soviet metal trading and equip- were still at an early stage. 

meat sales company,, has asked Nonoc, which has taken on 
the Philippine Government gje assets of the collapsed 
whether it can help either re- M&xinduquo M i n i ng, last week 
habilitate or operate the moth- sought protection from crem- 
balled nickel and cobalt mine TOrs w fa D are owed a total of 
owned by Nonce Mining and Mme ggoom. Its assets have 
IndustriaL a book value of around IMOi* 

Mr Arthur Aguilar, president but the mine and 
of Nonoc, said over the week- plant have not operated smcea 
end that the board of the eon£ strike, coinciding 
pany. which last Monday filed world prices for nickel, shut it 
tor protection against its credl- down a year ago. 
tors, would reply shprtiy to toe Nonoc mine has esti- 

Soviet request by addng for of about 54m 

more specific propolis. tonnes of nickel, while the plant 

The Soviet trade commission SnuS rapacity of 13,000 

S^aKSMS&SS ^ ^ 

the diacuiriona, which had been product ______ 


An estimated 829m is needed 
to restart the plant, but Mr 
Aguilar said that high energy 
costs would keep operating 
costs above toe current world 
nickel price of about 81.75 a 
pound, if existing technology is 

1IS As a result Nonoc is looking 
at the possibility of investing in 
energy-saving equipment at a 

cost of over 8100m. It has re- 
quested US technical aid » 

finance a feasibility study by 

Kaiser Engineering. 

Even if it rocceeds 
ing new investors — Mr 
Aguilar acknowledges that wme 
^ toe horizon — Nonoc WtiU 
faces severe financial 
Its largest creditor is toe state* 

oSiiedDevelopin«nt Rank of the 
Philip pines, which took on debt 


of some *750m when it fare- 
closed on Mannduquejn^. 

March Rich, the Swiss-domi- 
ciled commodities tradeT. vs 
owed 824m, advanced against 
the security of future deliveries 
of metal which have never been 
made. Philipp Brothers, toe Ufi i 
metal dealing group, lent the 

“S y S°tte looker 

creditors have been railing for 
the company’s liquidation, 
prom pting Nonoc to sock pro* 
tection while, the Government 
decides whether its rehabilita- 
tion is practicable. 

The DBP is due to hand toe 
problem over to the newly 
formed Asset Privatisation 
Trust later this month. It wui 
have to decide toe company's 
fate. 


FotdWtorCradft 
SWISS BANCS ~~ 

TrityoTateraml* 51 

Dri-fcli fatai D«H 
Bhbzo SraBI® *"5t 

SSS^-n 


51BUN6 



Esselte profits static 

BY KEVIN DONE. NORDIC CORRESPONDENT IN ****** 
ESSELTE, the Swedish crftee S& 5 ' ‘lL25bn 

!S U ^H Er °^ftf^ ad last rt ^S' fSmaGr 10^2hn to 1B8J. 

unchanged profits fastyear gj^ 138m «f last year’s 


CHAUFFEURS 
IN PARIS 

TEL : 48 33 20 20 

TPT-gg ; 231302 


innauuiKcu h* 

despite a 10 per cent increase 
In turnover. 

Group profits came under 
pressure from continuing heavy 


from wr 1IMAUU . “T J, 

Some SKr 189m trf M »rt 
profits were attributoiMe to 
niinority interests, with Essdte 
now owning only 79 per cent of 


tarostnmnts in JlfibBSS" ** 

pmfite ■SJft 

fa 1986 rompared with a * 0 !^ 


Nook Hydra t 
SkAi— Matlintntii 5 

MstoiBoxfit 

ECSCJ 

Maw Zgatend t 

FCUs 

fcdraloLfiBi 
Crrft Fbncfaf ») t 

FBBCH francs”" 

Hurt Owny 'll _ . 
l i nt l — ra h hd. lOL Ml t 

QAffiSflKROKR 
HoMfe Ira. Brak t 
UKEMBOURS FTONCS 
UteMBrakl 

TEN 

UoiiBkeMWradt 

OriaMaBHAt 
BNP . 

SoooiiGramll 
KnrantiSwlt 
Toyota MoW Credit t 


48 1994 

U IBM 
150 1997 

188 1997 

40 1910 

50 1999 

48 1990 

158 1992 

51 1989 

324 1*97- 

2017 
1B0 1992 

280 1992 

80 19*2 

45 1992 

25 1992 

59 1992 

208 1912 

58 1912 

188 1937 

38 1882 


59 2091 

188 1187 

50 1993 

IDS 2005 
55 2882 

65 2802 

180 1992 

190 1995 

59 1W2 

159 1994 

880 1897 

580 1894 

309 199* 

Uk 1997 

IQfan 1992 
13te 1992 
1BJ3ba 1895 
191 k 1992 

f»m 1994 
Z3ta 1992 


t 100 

s 199 

7Vi I* 

(S*-«> “ 

5Vz 1*8 

BV* 18145 

5 188 

• 18145 

■ 1814b 

9 1BB45 

I 18115 

14¥» 181% 

15% 181% 

18 1814% 

14% 181% 


5% nnb 

5% «B% 


Hraraatat 
SfloMUnk* 
BJkL 
SJ tat 

Mo^raStefay 
M um ra ftrahy 
RretBratra 
Safamoo Bratton 

CSFB 

CSFB 


Dmnl Banhan L'hatt 


MagraSwtey 

BJ to. 

Sbrarsan Laban Bms. 

Mraatyoefi , rn . 

Mgn Sgaiaoty/1788 hg. 
CoratyteMfut 


MZMardrattBak 
DaKKte Bk Cap- Hto 


MKgraStKfcy 

DratacteBask 
Tnakan 8 BmttanK 


Hk IN ^PaAralBHssal 

YU IN SSraVb fabrak 

4% 108% BraP«*«(a»aaa) 

mLi • SBC 

W 190% DK-khUaanoBk 
SJ 100% KradMbaak(SK»a} 

4% 100% SBC 


4 % 100 SBO 

9Vz 191% QomBatton 

a xb ioi4 H— hra i Banfc 

qs/t 101% WartwB SacK tora 

14 %- 4 %) 188 JJI.SdiKteVhM 
U IBB SBC! 

9% 100% WartraiS ocaiara 

9% 100% iHghKQ Sranteas 


7% 191% Waraai hL 

7% 191% Bany Paribas 

I IN LazaMFnrasatDi 

9% 181 CP 

11 % IN EraMMSara. 

7 IN BO. 

5 192 % main. 

B 80.9 DaiwaBinra 

7 181% BUN. 

8 81264 DMwtaopa 

4% 101% Yadrato tat- (fad 

4% 181% Marantat. 


SKr 50m in 1985. 

iff e-iBrsusa 


S ivSt with a staailar 


STmS'-JSi-SSw'-*- 



Olivetti International S. A 



Canadian $50, 000, 000 
9 %% Notes Due 1990 

Issued onafiduciaty basis 

bvBanque G^nSrale duLuxembourgSA. 

^ loanmadetoOlhxtoTnte™^^ 

andguartuiteedby 


Republic of Finland 
U.S. $200,000,000 

7 % percent Notes due 1997 


Olivetti 


Bank of Tokyo Internahonai. Ldhted 
Guaranty Xjd Generale Bank 

SdNEK BANK AKTffiNGESEIiSCHAFr UwoN B ANK OF Swr^ERI^ (SECCHinES) LOTTED 

Oiuon Royal Bank Umhed Banca Commeroale Itauana 

At/smene Bank Nederland N.V. Bank of Montreal Capital Markeis Lamm 

^WosARm^C. a Banque General dh Loxembouhc S.A. 

B ^R^uxEiiES Lambert S. A. b.yhusche Verhnsbank Akhengesellscbaft 

BANQ ^ MABKEK UMm:D BAYEUSCHE AKTIENGESELLSCHAiT 

BANQ ^o \ _STMENT Bank UMrmJ Credit Sdkse Rest Boston Limited 

S^TONNA* DEO^BANKOH^MARKEKlnniH. 

CR ^ ^^t-Bankverbn EBC Amro Bank LIMTTED 

^"SSmrnEslNa HniSAmJEL&Co. Lmtied 

^^obiuare Lemited, London t^mbard Odier International Underwritebs, S.A- 

Vood Gundy Inc. 

Dominion (Eobope) Limited 


Djotsche bank Capim. Markets Umhed 
EBC Amro Bank Looted 
H nxSAMUEL&Ca Limited 
rw International Underwriters, S-A- 


Morgan Guaranty Ltd 
Nomura International Limited 

Alcemene Bank Nederland N.V. 

Banque Bruxelles Lambert S. A- 
Banque Nationale de Paris 
Credit Commercial de France 
Daiwa Europe Limited 

EBC Amro Bank Umited 

Kansalus Banking Group 
Samuel Montagu &Ca Uboted 
ORicwf Royal Bank Limited 

PrUDENTIAL-B ACHE SECURITIES INTERNATIONAL 


Goldman Sachs International Corp. 
Union Bank of Swtezerland (Securtites) Lmtted 

Bank of Tokyo International Lmited 
Banque Indosuez 
Q rncoRP Investment Bank Limited 
Credit Suisse First Boston Iimtied 
Dresdner Bank Aktiengesellschaft 
IBJ International Looted 
Merrill Lynch Capital Markets 
Morgan Stanley International 
Postipankki 


S.G. Warburg Securities 


28AJanutuxf9ST 


b^RNATONAL SMOMOTBROTHEBSlNTER^nONM-LDUT® 

. _ Union Bank of Finland Ltd 

hnATIONAL Limited 

Westdeutsche Landesbank Girozentrale 
Yamaichi International (Europe) Looted 






24 




London Stock Exchange listing 
puts value of f 27m on Airtours 


nnaadol Time* Va/Oa) MWtfi 1® M 87 

UK COMPANY NEWS — 

I EFT battle [ PMEp Coggan on Cambridge Instruments’ return to the market 


EET battle 
likely to 
be defused 


BY TERRY POVEY 


Airtours, the Manchester- 
based low-budget tour operator. 
Is coming to the main market 
towards the end of tote month, 
valued at around £27<m in a 
planing jjy the British Lined 
Bank of just under 30 per cent 
of its abases. 

Mr David Crass land, chair- 
man , said that the main reason 
for seeking a listing was not, 
in the short-term, to raise 
funds, but to enhance toe 
company's standing, to allow 
for growth by acquisitions 
using mar ketable shares, and to 
make -the executive share 
option scheme more attractive. 

In 1986, the average price 
paid for an Airtours holiday was 
just under £190. The company 
believes that its customers are 
very price conscious and apart 
from its core family holiday and 
old-aged pensioner business, it 
also exploits opportunities aris- 


ing from the problems of toe 
market leaders Jn the tour add. 

In 1985, for example. Air- 
tours' preton margins shot up 
to 73 per cent, against a more 
usual 4 to 5 per cent, as it was 
able to place many list minute 
holidaymakers in the empty 
airplane sorts and hotel accom- 
modation of its larger competi- 
tors. 

The main destinations served 
by the company last year were 
the Balearic Islands, mainland 
Spain, toe Canary Islands, 
Tunisia, Portugal and Malta. 


Over the five years to Sep- 
tember 1986, Airtours turnover 
has increased from £3-27m to 
£55m, and pretox profits have 
risen to £1.57m (£44,000). For 
this year, toe company Is fore- 
casting that pre-tax profits will 
be in excess of £Sm. Fully 
diluted earnings per share 
should be over 13p, suggesting 


a prospective p/e of between 
12 and 13. . . , 

Saving started in toe travel 
agemyoustoe® in 1963, Mr 
Crosriand has been developing 
tour operations since 1980. 
However, low margins on Air- 
tours* comparatively small 21- 
taranch agency operation 1/d it 
to sell this to Hogg Robinson 
for £2.75m in December. 

Airtours had a cash balance 
of £7m in September and net 
assets will, after toe flotation, 
be around £5m. 

Through the placing, the 
company’s two existing share- 
holders, Mr Crossland and Mr 
Tom Trickett, liia brother-in-law 
and a director, are sel l in g 
3.75m shares — about £6m worth 
— -and the company is issuing 
750,000 new shares to raise 
some £L3m before expenses. 

After the flotation, the two 
directors will hold 7L5 per cent 
of the 15.75m shares in issue. 


Carlton price is right for Central TV 


BY CLAY HARMS 

Michael Green, come on 
down. 

Up for bids was Ladbroke 
Group's 20 per cent stake in 
Central Independent Television, 
3TV contractor for the Midlands 
(and producer of The Price is 
Right), and the Carlton Com- 
munications chairman has 
carried it off with an offer of 
578jp a share. 


The £29.5m purchase by 
Carlton, Europe's largest inde- 
pendent television production 
facilities company, is part of 
its plan to become a fully inte- 
grated communications group 
and is a long-term investment, 
Mr Green said. 

Trading links and Joint pro- 
jects were likely between Cen- 
tral and Carlton, which had 


PENDING DIVIDENDS 


AMEC Apr 2 

Abbey Life Apr 2 

•Armstrong 

Equipment... Mar 23 
•Assoc British 

Ror».,....Apr 8 

•BAT Induau ...Mar 2E 

•BICC Mar 29 

•BSG Inti Apr 2 

Babcock Int. ...Mar 28 
•Barren 

□avelprnnta...Mar IB 

•Booker Mar 23 

Bo water -Apr IS 

•Brent Champ ...Mar 23 

Brldon Mar 26 

•British 

Aerospace... Mar 2* 

•Sriroll Mar 18 

Brlxton 

Estate.. -Apr 1? 
Burnish 0(1 ..Apr 10 
Burton .........Apr 3 

Cookson ......... Apr 10 

•Crada Inti Mar 26 

•DAG Mar IB 

Delta Mar 21 

•Enterpriao Oil. ..Mar 19 

Evened .Apr 10 

Exco Mar 21 

•GRE Apr 1 

Glaxo Apr 15 

Grattan Mar 21 

Hall (M.) Apr IS 

Hammaraon 

Property... Apr 17 
Hawker 

Siddelojr.. Apr 16 
•Hepworth 

Ceramic... Mar 25 
•Hickson Int ...Mar 23 
Horizon 

Travel Mar 28 

•Icaland Frotan 

Foods... Mar 2S 
•Kwik Save ...Apr 23 
leporte ........Apr 17 

•Lemg (J.) Apr 2 


Announce- 
ment last 
year 

Final 7.0 
Final 4.7 


Interim 0.75 


Final 8.78 
Final 7 .33 
Final 7.S 
Final due 
Final 4 A 


Interim 3.254 
Final 7.75 
Final 5.5 
Final 3.3G 
Final 3.5 


Final 10.0 
Final 3.0 


Final 3.35 
Final 8.25 
Interim 1.6 
Final 5.36 
Final 4.0 
Final 4.S6 
Final 4.15 
Final 5.0 
Final 245 
Final 2.8 
Final 19-75 
Interim 4.0 
Final 4.0 
Final 34 


Final 10.0 


Final 4.3 
Final 10.0 


Final 3.52 


Final 4.4 
Interim 1.8 
Final 5.B6 
Final 5.0 


•Legal and 

Gen*ral...Mar 19 
•Lucas Inda ...Mar 28 
•Lord Scottish 

Marine Oil. ..Mar 31 
Mowlam (J.}...Apr TO 

•NEI Mar 25 

•Ocean Trans ...Mar 25 

•P B O Mar 24 

•Pearson ...... ..Mar 16 

■Perrtland Inda Mar 23 

“Prudential Mar 24 

•KMC Apr 14 

Raokht and 

Co I man.. Apr 3 
Rio Tinto- 

Z5ne..Apr 9 
•Rugby Pooled 

Cement... Mar 30 
Scottish 

Heritable.. Apr 2 
•Slough 

Estates. -Mar 30 
•Smith and 

Nephew. ..Mir 25 
Smith Inda —Apr 9 
"Spring Ram ..Alar 23 
Standard 

Chartered. ..Mar 2G 

•Steetiay -Mar 23 

Sun Alliance ..Apr 2 
Taylor 

Woodrovr— Apr 16 
•Transport Dev Marts 

Tri control Mar 28 

"Turner and 

Newatl-.Mar IB 
•Utd Biscuits —Maris 
•Weir Group -Apr Z 
•Williams 

Holdings. ..Mar 19 
Wimpey (G.)...Msr24 
Wool worth —Mar 28 


Announce- 
ment last 
year 


Final 16.0 
Interim 2.6 


Final 7.7 
Final 10.0 
Final 3.8 
Final 3.38 
Final 10H 
Final 5.75 
Anal 1.18 
Final 174 
Final BA 


"experience in cost-conscious 
independent production.” Mr 
Green said. Hr Robert Phillis. 
Carlton managing director, held 
the same position at Central 
until late last year. 

The Independent Broadcast- 
ing Authority has approved the 
sale, giving Carlton access to a 
commercial franchise at its 
second attempt Carlton's 
agreed £82-5m bid for Thames 
! Television was blocked by the 
! ZBA in 1985 because it repre- 
| seated a mid-franchise change 
in ownership. 

The deal was concluded late 
on Friday, only a week after 
| Ladbroke disclosed that it had 
been approached to sell its 
stake, bought for £6.1m in 1983. 
In those seven days, Central's 
shares rose from 478p to 583p 
to give the company a market 
value of nearly £149m. 


Carlton will fund toe pur- 
chase with £18-2m in cash and 
through the issue of lm shares, 
equivalent to about 3.3 per cent 
of gosling equity, through a 
placing by L. MesseL 
With Carlton shares at £111 
on Friday, the group had a 
market value of £S53m- 
Ladbroke’s proceeds will be 
boosted by Central's final divi- 
dend for 2966. The comparable 
figure for 1985 was lOp, for a 
total of more than £500,000. 
Ladbroke last week also 
announced the sale of its 70 
per cent stake in Senews, con- j 
tract printer and weekly news- , 
paper publisher, for £12S7m. 

Other major shareholders in ' 
Central include D. C. Thomson 
with a 20 per cent stake. Per- 
gamon Holdings with 13.8 per 
cent, and Prudential Corpora- 
tion with 5 per cent. 


Final 7-8 


APV closer 

AFT, which is making a recom- 
mended offer for Baker Perkins, 
moved closer to its objective 
with a farther increase in ac- 
ceptances from 41 to 44 per 
cent. 


! FT Share Information 
The following securities have ' 
been added to the Share 
Information Service: Eden- 1 
spring brvs. (Section: Third 
Market). Enalflmr Jewellery I 
(Industrials). TOT Channel 
Islands (Ranks) I 


Final 3.25 
Interim 1.78 
Final 121 


BOARD MEETINGS 


Final 20.0 
Final 8.0 
Final 11.75 


Final 1346 
Final 4.B 
Final 1A 


Final 3 SS 
Final du* 
Final 2.126 


Final 8.0 
Fmsl 24 
Final 7.0 


TODAY 

Iwarinwi -to i Bailoy. London and 
Strathclyde Trust. MAI. Pacific Sales 
Organisation, Raniahaw, Savage. 

Finals: — Australian Agricultural, 
William Badfocd, Cambridge Hectronie 
loduatriaa, Eucalyptus Pulp Mill*. 
Jamas Fisher. Lincrott IQlgour, Maggltt 
Holdinga. Metal rax, Paaraon, Process 
System!, Rockwell, Sintrbm, Sunlalgh 
Electronic*. Suter. Transport Develop- 
ment. WPP Group. 


• Board meeting Intimated, t Rights 
Isa ua since mada. t Textron. {Scrip 
Isaua since mada. 9 Forecast 


FUTURE DATES 

imarbna: — 

Pocfilns Marts 

Town Centra Sacuritiaa Mar IS 

Rnata-— 

Arlington Sacuritiaa Mar 26 


Aasam-Doaara — ~ 

Associated Book Publishars ... 
Berko lay and Hay Hill inverts. 
Bits ton and 8 attars* b Enamels 

Boddhtgun Group 

British Asrespaco 

Britannic Aasuranoa ... — . — 

Hunzt - — 

Charteriiell 

Davidson Pasrca ■••e*aaM«iiMiaM 
Tuncan (Wetter] A G oadricke 

Glantraa 

P-E International .... 

P & O Steam Navigation ..... 

Rugby Portland Cement .... 

Smith and Nephew ............... 

Stewart Wrightson 

Western Dooars Tse ....... 

•Amended 


Marie 
Mar 25 
Mar 23 
Mar 23 
Mar 27 
Mar 24 
Mar 25 
Mar 31 
Mar 17 
Mar 2i 
Mar 18 
Mar 19 
Mar 28 
Mir 24 
•Mar 30 
Mar 25 
Mar 28 
Mar 18 


This advert isem ent is issued in compliance with toe requirements of toe Council of The Stock 

F.xchnng f. Tt does not ennsritut e an invitation to any person to mbscrihe far or pnrehase Ordinary 


Shares. Application has been made to the Council at The Stock Exchange for toe whole of the 

issued Ordinary Share capital of the company to be admitted to toe Official LisL 

Dealings in toe Ordinary Shares of toe oompany are expected to commence on 1.9th March, 1987. 



Perpetual pic 

(Registered in England and Wales, Number 1101042) 


Placing by 
Cazenove & Co* 
of 

6*250,000 Ordinary Shares of lQp each at 
180p per share 


Authorised 


SHARE CAPITAL 


£3,750,000 


Ordinary Shares of lOp each 


Issued 

and to be issued 

£2,500,000 


The principal business of toe company and its subsidiaries is toe promotion and management of 
UJC, authorised and offshore unit trusts. The Group manages other discretionary portfolios far 
private and instimtiosal clients. 


Cazenove & Co_ the broker to toe issue, has placed 4,685,000 Ordinary Shares with its clients, 
and has allocated 1,100,000 Ordinary Shares to Warburg Securities and 465,000 Ordinary Shares 
to Fiske & Co, for distribution to their clients. 


I is ring partiaUflrs relating to the company are cnwrainral in new issue cards circulated by Extel 
Fin an c i al Limited and copies of toe listing particulars may be obtained during normal business 
houiSjUp to and including 18th March, ly87, from the Company Announcements Office of The 
Stock Exchange and, up to and including 30th March, 1987, from: — 


Cazenove & Co., 

32 Tdkenhouse Yard. 
London EC2R7AN 


16th March, 1987. 


Perpetual pic, 

48 Hart Street, 

Henley-on-Thames, 

OxonRG92AZ 



*1-12 | 89.55 I 89.25 I 8952 I 94JS1 I 8039 127 A | 49.1B 


95^9 j 9535 { 93.5 \ 9503 | 95J3 j 9449 | 97.68 | 8635 ( 150.4] SQS3 


15839 1578 -Q 1371.4 1586.4 15763 14*0.4 16133 10943 16133 494 

340.1 3313 3241. 322^ 329-4 338J2 346.7 185J 734.7 433 

Y9723 99139 98735 98966 98X81 99338 997.23 664.42 99733 6132 


20000 1 1989.7 1 1979.4 1 1987.7 I 1973J7 < 199&2 1 2 0023 I 1370 J. I 200Z4 1 9B6-9 


Standing up to toe scrutineers 


THE POTENTIAL battle over 
toe small Scottish investment 
trust, Edinburgh Financial 
Trust, where two rival camps 
have put forward proposals for 
its future, looks likely to be 
defused at this morning’s 
annual general meeting in 
Edinburgh. 

Waveriey Asset Management 
— the Scottish fund managers 
who are part of the consortium 
headed by Mr Bruce Judge, the 
New Zealand entrepreneur — 
says that they do not intend to 
put forward alternative propo- 
sals and will decide today 
whether to go ahead with the 
c ur r en t motion calling for the 
removal of the existing EFT 
directors and their replacement 
by consortium appointees. 

Th ree large shareholders In 
EFT have previously indicated 
that they will support the 
board’s proposals. Together 
their holdings now total Just 
over 40 per cent. The Judge 
consortium holds 2L77 per 
cent. 


BACTERIA ewans over a pig’s 
gut; s speck of paint from a 
Van Gogh yields up its Chemical 
composition; the surface of a 
silicon chip stands revealed like 
a moon base in a science fiction 

i f»«i 

The workTs minutiae loom 
large In the eye of a scanning 
electron microscope. Cambridge 
I Instruments, the scientific 

S nipment manufacturer that 
11 shortly rejoin the stock 
market after an absence of 
nearly 20 years, hopes that its 
finances will also (withstand toe 
closest scrutiny. 

The group’s product line and 
balance sheet are both more 
solid than its hi-tech image 
might suggest The techno- 
logical breakthroughs In scan- 
ning electron microscopes 
(SEMs) ane quite old — and in 
any ease, SEMe form only a 
part of the group. 

Although the group’s semi- 
conductor equipment, like the 
electron beam microfabrication 
system. Involves very advanced 
technology, it only constitutes 
an eighth of turnover. Well 
over a third consists of Reichert 
Industries, bought from 
Warner - Lambert last year. 
Reichert produces a range of 
optical instruments which, 
although sophisticated, are not 
in the forefront of techno- 
logical advance. 

Cambridge’s finances have 
. also been transformed in recent 
yeans. Since Dr Terry Gooding 
bought into the company in 
1979, an althtg loss-maker has 
become a group with £100m- 
plos turnover and likely £6m- 
plns profits. After one aborted 
flotation in 1985, Cambridge 
now feels strong enough to 
come to the market 
Although Cambridge was one 
of the pioneers In toe field of 
electron microscopes, after 
being founded in 1881 by 
Charles Darwin’s son, Horace, 
tt has taken a long time to 


achieve financial stability. An 
earlier listing lasted for only 
tone years until 1998 when two 
predators, George Kent;- toe- 
instrument group, and the 
Bank Organisation moved in. 

The bid battle was only settled 
in favour of Kent by toe inter- 
vention of the Industrial Re- 
organisation Corporation, the 
Labour governments body for 
intervention in industry. 

However, Kent itself fell into 
trouble and was taken over by 
the Swiss group, Brown Boveri 
in 1974. The next year, the old 
Cambridge Instruments • was 
sold to toe National Enterprise 
Board, toe IRCTs successor, 
which merged it with Metals 
Research, toe scientific ser- 
vices company. 

Metals added some of the pro- 
ducts now being successfully 
exploited by Cambridge like 
crystal pulling, toe technique 
used to refine the more exotic 
kinds of semi-conductor • mat- 
erial used for specialty chips. 

But the combined group 
proved a cash drain on the NEB 
and in 1979, the board brought 
in Dr Gooding in a final attempt 
to resuscitate the business. The 
NEB injected a further £8fim. 
in return for non-voting and 
preferred shares and allowed 
Dr Gooding, along with the 
ICFC and Midland Bank to 
achieve control of the voting 
capital for only £lJ2m. 

It proved a shrewd move for 
the Welsh-born nuclear physi- 
cist who had previously been 
president of Kratos, an instru- 
ments company Involved in toe 
field of electron microscopes. 

The Cambridge Dr Gooding 
inherited concentrated its focus 
too much on technology and 
not enough cm marketing. He 
immediately cut research and 
development spending and en- 
couraged his engineers to pro- 
duce instr um ents aimed at 
meeting the practical needs of 
scientists and researchers. 

Gooding also cut costs by 


CmCORPO 


Assumption by Citicorp of 
U.S.$250, 000,000 Guaranteed 
Floating Rate Subordinated Capitol Notes Due 1996 
to be redesignated as 
U&$250,000,000 floating Kate 
Subordinated Capital Notes Due 1996 



Citicorp has assumed the oW^hons of Citicorp Overseas Finance Cor- 
poration N.V. (“COFCNV’*), with effect from March 12, 1987, in 
respect of the U.53250,000,000 Guaranteed Floating Sate Snbazdi- 
nated Capital Notes Doe 1996 (the “Notes") issued 6y COFCNV on 
1984. The Notes ase henceforth to be known as 
,000 Floating Rare Saborcfoated Capital Notes Due 1996. 
issomption was made pursuant to a Ftar Soppleroental Indenture 
_.. asot Match 12. 1987 sappteuicnting the original Indenture dated 
as of August 23, 1984. 

New Note Certificates win not be issued to reflect die assumption by 
OHo otp. The Notes wiS continue to be listed on The Stock Ex chang e, 
Lo n d on . As Gdcorp itself has assumed the oblations of COFCNV 
under the Notes die guarantee of Citicorp has ceased to hove effect, - 
Particulars of the assumption and consequential ch ang e s in the Notes 
ate available In the Extel Statistical Service and copies of die supple- 
mental Extel Card are available during oonna] business hours up to and 
inducting March 30, 1987 front:- 


Saxmgeour Vickers & Co. limited, 
20, CopthaD Avenue, 
London ECZR7JS. 


March 16,1987 


CITIBANK 


BASE LENDING RATES 



% • 
life 

CMqpfcM , 

% 

Hfe 

- 

to"— C 

m 

OSwkSariBSi 

C2e 

AWArabBkLIri 

life 

CHiltodsaisBat-. 

life 

MtaJftabar&Ce— 

life 

CRtaddcBaflk 

Hfe 

A5M trite Bank 

i»i 

Coan.Bk.N.Ead^ 

up* 

AaerkarEn.Bk life 

- 

life 

Anm Ba* 

life 

CaopaaCieBate^-. 

*Hfe 

HeayMteKtar— • 

n 

C»riEPopBiar». 

life 


ADZ Banking (snap U 
AssDdatHCapCwv — U 
Mttnriij&caUd — U 
BanadtBBao— - », life 

SokHapdn Kfe 

BmkLanKUK) life 


Doan Laurie. 
ET.Tnal 


Bpatort TstCpi* U 


Baft CraMS Cam _ life 


BakntCffra.. — - life 

Batofl retail life 

Bate of Ufa life 

tetetfSadm life 

Baene Beige Ltd life 

BarcfesBa* life 

EcKtatTalai — life 

BaefettTrULBf 12 

BerberBateAB life 

BA.Bk.o(MftLEaL~ life 
• BrowSM**— life 
CL Bate Notated _ life 

Cauda Penanot life 

Coper Ud life 


ErcterTnstUL 11 

Fmaasf 4G«aSet_ life 
Hrit Hat Fta. Carp — lPj 
RntN3t.5ec.LM lib 

• Robot FIemha&Go_ life 

Robert Fra»& Pus _ life 
GmbpBsfc fUfe 

• Gomes Mataa Hfe 

HFC Trust ASuotagS— hfe 

• HuteroBote life 

Her HtefeifeLte.- life 

• HI9 Santa {life 


C. Hare It Co. 


Hongkong & Sbugb 1 life 


• Ctat al p ee Fte* — life 


LkgfeBa* 

ttaseWestoacUl- 

Metfnl&Snalid. 

MttmBata 

• ItagsGmM— 


M6tCmAC(x»UL~. hfe 

NafBLrfXanft life 

HaM6hteate U 

to Westminster life 

Naritara Bate Ud — hfe 
f NonricfcSw.TnBt — life 
PKFtes-litnWQ — lib 
PrmtacaiTnstLM— 12 

R. Raphael &Soos life 

Roxbergte G'rantee life 
Rjjal6*ofSoMtete_ Ufe 

RjjalTnBtBa* life 

Saa&niaateHti . — 11 
Tnstee Saris- Brt — life 
UDTktatgageEax.-. 11225 
UteedOkoinnai — hfe 
IHedKznHBate^ life 
West sac ffpKtog Cow life 

RMemyteBar—. U 

YortakireBate life 

tfefamdon of boririBS Maite 
lOtk • Mooters of (Mr Aoaados 
Houses Commtttte. •7^hg 
depaits 603%. 1-raantb 636%. 
Top Tier— Ei500+ te 3 aontf 
notice 1003%. At cafl Mm 
£10000+ remain <ta*attart 
4CaH donates £UXD aad am 
W»% gresj. 1 Mwtgiat base rate. 
{Demand depute 602%. 
Mortgage 124%. 



Christiania Bank og Kreditkasse 

(Intaparaud m tea JGngdent rf JVmnfp wBi limited BabOity) 

USTl 00,000,000 
Bufl Rooting Rate Notes Due T 991 

Nofice is" hereby given that the Rata of Interest has been fixed at 
1 0.48245% and that (he interest poydble on ihe relevant Interest Payment 
Date September 16, 1987 against Coupon No. 3 m respect of 
U-S.JJ 0,000 norrind of the Notes wiS be U53535.77 and in rasped of 
U54250,000 nominal of the notes wffl be U-S-Sl 3,394 J24. 


March 7 6, i 987, London mitib n si/a 

By: Citibank NA. (CSSI Dept), Agent Bank CfUBAN\%9 


Christiania Bank og Kreditkasse 

Unarpcrtnad in dx Kagdom of Norway miri timtfud hebdas) 

00,000,000 

Hooting Rote Notes Due 1 989 

Notice is hereby given ihat the Rata of Interest has been fixed at 
and that the interest payable on the ret event Interest Payment Date 
September Id, 1987 against Coupon No. 2 'm respect of US$1 0,000 
nominal of the Notes will be U5J28.75 and in rasped of US$1 00,000 
nominal of the Notes will be US$28730 


March 16, 1987, London /*mo/lAf/A 

By: Citibank, N A (CSSI Dept j. Agent Bonk WHOWVW* 


,Fv=-*' 



'•ter . * . • • i « 

tv . **' 




v- 


...... 


; 1\*' .. 
2: i 


i-* : 

& e.- 2s 


Dr ' Terry Gooding, . chief 
executive «f CunnUse 


conc en tr a t in g production on 
one Cambridge' site, anti 'tighten- 
ing. controls on stocks and cash 
flow; Tire result was -to' shift 
toe company from lasses of 
£Sm a srear: into profit in 18 
months. 

Because of the change in 
approach, Cambridge's new 
SEMs impress not so much by 
their magnifying power, but by 
the accompanying computer 
technology. The . top of the 
range 980 model produces digi- 
tised images which dear the 
screen of the snowy, "noiv3 
effect”' that makes .analysis 
more difficuft bn other mach- 
ines. It also has a ustgpftiesuSy 
keyboard and & disc drive. 


allowing usees to reprogramme 
the renr4itiift to their configura- 
tion requirements at the towjh 
of a button. . 

Alongside the 93b are foe 
image analysis machines which 
can be used by manufacturers 
to process - vast amounts of 
information too complex for 
toe hmnan eye — like the size 


- Wn°Wflrner Lambert 
acqu iring W? iooa he drama* 

d<Sd to to® 

Reichert for $35m wim* ^ 
ther $l5m payable 
years. It recouped toebna eff 
Secost by selling 

entice buslnessfor 

isrxSf igs 

•gLMSSffSBfSra 

cleared before t he - 
proceed— an . - 

eenerdl meeting to be hmd. 
today to approve a one- for-o ne 
Sfo tenra and toe extension 
of tire authorised capital _ 
Beacnse of the groups 
chequered Mstmy, 
large nuxnb&r o£ small share- 
holders, many of whom lmve 
uminm i as smaB as one share. 
Cambridge is offering smto . 
Sareholders preforantiS 
to 200 share® in the issue. That 
£ a good deal for toe very 
email investors, but has pro- 
voked dissent from those share- 
holders wfep JffiJ 
larger stakes, w?Y> fed xhiy 
are befog unfafriy treated. _ 
Cambridge should win its 
motion anti the circular .to 

rffarwswtfB- 

more than 31 P®* cent of the. 
enlarged equity will be offered 
in toe form , of new shares. If 
toe market capitalisation is, as 
has been suggested, a bit over 
SlOOm, that wouM indicate a 
p/e in the high teem- 






NOTICE OF OPTIONAL REDEMPTION 


Sabah Development Bank Berhad 

US $40 million 

Floating Rate Notes due 1 989 


Notice is hereby given pursuantto concirtjorv5(c)ofthe above 
mentioned Floating Bate Notes created by a trust deed dated 
llth May, 1 982 between Sabah Development Bank and The 
Law Debenture Corporation P.L.C. as trustee; that the dotes 
maybe presented no earlier than 20th March, 1 987 but no later 
than3rd April, 1 987 tor redemption at par pi usraccrued Interest 
to the 19th May, 1 987, interest payment date fthe redemption 
date'?, interest on-ih&botes redeemed will cease tb accrue on 
1 9th: May, 1 987. ’ r ;. £ / ; •. v 

. Notes and Coupons -win become void unless presented for 
redemption or payment within a period of six years from the 
redemptbn date." 

In order to receive payment, notes calling for redemption must 
be presented to any of the following paying agents together 
with all epupons maturing on or after the redemption date. 

In Singapore : Bank Bumiputra Malaysia Berhad 

1 st Floor, Wing on Life Building. 

150 Cecil Street, Singapore 0106 

In Luxembourg: Banque Internationale a Luxembourg SA 

2 Boulevard Royal, Luxembourg 


In London 


: Bank Bumiputra Malaysia Berhad 
. 36-38 Leadenhall Street, London EC3A 1 AP 


* DEVELOPMENT BANK BERNARD 
y. First Chicago international 
New York Branch 
As principal Paying Agent 


GRANVILLE 


SPONSORED SECURITIES 


Capita I loam 
HOT* 
BA3Z 


Company 

An. Brit. ind. Ordinary . — 
Am. Brit Ind. CULS 
Arniltaao am] RhodM ...^.w. 
BBB Design Group (USM);~. 

Bardon Hill 

Bray Tocfanologiaa 
CCL Group Ordinary 
CCL Group 11 pc Conv. Pf. m 
Carborundum Ordinary 
Carborundum 7Spc Pf. 

Goora* Blair 

Ind. Precision CutTnga 

(oia Group HH.LL 

Jackson Group 
James Bvrrougb ... — 

Jamas Burraugh Spc Pf. 
MuhlhouM NV (AmatSE) ...... 

Record Ridgway Ordinary >m .. 
Record Ridgway lOpc Pf. 

Robert Jon kina — - 

Scrvttona ... 

Torday and Carl I sis 

Travlan HoMlnga , 

Unilock Holding* (SE) — , — 

W altar Afatxandar , 

W. S. Yeats. — .... 

West York*. Ind. Hosp. (URM) 


Changs Gross yield 
Prion on ntank dhr.(p> % P/E 
160 . — 73 - 4 * ? 

183 — 10.0 6.1 --: 

OT — 4Ji T2JJ-44 
75 — 1.4 : rA-T7.s 

221 . — 4.6 2.1 2S-V 

106 +4 A2 4.1 124 


132 

— 

23 

24 

SB 

' — 

16.7 154 

28B 


S.1 -8A 

94 

+1 

10.7 114. 

89 

+2 

3^ 

44 

IIS 

+1 

JB.7 

64 

121 

— 

TflL3 • — 

121 

+2 

ftl 

64 

385 

+1 

17.0 

44 

89 

+2 

i2e 144 

780 

+3J 


356 




83 

— 

M.1 17.0 

SB 


— : _ 

«' 

+4 

— m - 

190 

+2 

6.7 

34 

324 

- ■— . 

74 

2Jt 

BO- 

— 

24 

U' 

127 

-1 

54 

34 

193 

— 

174 

9.0 

99 

— . 

M 

6.7. 


GtanviSt &Co. United 
8 Lxjvut Lax*, Loorfon EC3R 8® 
Telephone 01-621 1Z12 
Member of HMBRA - ■ 


Granville Dovks Cdlemn Lfafteti 

27 LovnLsne, London EG3RKXT' 
- ■ TdephooeOW2H2B-: 

. Member of tfa*3(»dc Excfoase 



Notice to holder* of womutte to 
purchase bearer shares of 


CREDIT SUISSE 


Copiu of tiro annual reports 1984 of Credit Suino CS HoWW 
tra now available at the offices of the warrant igentjr ' 

C redit Sufre Crt«tSui>K . . V- 

BIS g~S£. „ S 































































4 


..^anrj 


. rV ' *. ~r" 


■ - -i n j-’ ^V /-T - , ^ 




Financial Times Monday March 16 1987 

AUTHORISED . ■■**-*■*»■«*» — - 


UNIT TRUSTS 


■>■:« ; ; 
IJI l.V ' ■<! 


■*. af$ 


nfS 

s .? 

^53 

:v--> Fv 



f»*5 717373 


=*SS I . JZ* M W**tT»Wrtl -PLC Mftl 

WtotfEbrtnrCoora, Sonata, SKI 2 £l 
-Btrai 28291. ITmMmtfTTTn 


•L7| DM 

* ur 

■HU L44 
UK 
+ftl US 
+U 247 
■MW U 
_ . 2JB 
■MU 0.7b 

+oj in 

■MU SMtt 

*z5l ua 


'J&i 



.OMSMOOD 


i a 


CmmmtcW IMh TrWt Mpa*ers 

g!St ^2 ft* sal 


b**™ n * tt **g**- , *£L 

Ktt£E==g! 43 


national Provident In* M*s LM 


■553 V72 

#33 3,52 

+ta 0 z 

+E3 025 


CUw SS vMV^CSttl 


Claus SBH SUB«90W» 

JS euMhMhWttaa Food* RtaRt LM M wh steflm M «ra— MJ dd 

§ BSKE= 3 ir -^SgiSSSSS * 

K sfe ml^-hm a d “ aiSuga,.dmj — u- 

ftK EffiSb^U** 01 -726 1999 „ >[-[—% |U| IW l-M 

MS " snM «s £”&iSS£SLK 


UsHb Bt IWt T*L Mngra. Ud U) Hrftaal M** "EL"** u 

IS *2?5£ii?*‘' fiwi'worSWi 

i-Sl 09035023*1 a« mnEirow 

HR advent g* ££$ iH Its wihreig 

g KEtos-zB* fl S g S26S 

asatta 

&“Siiin==5F SM *ti S3 *>"** IW.TrgtMsPWW 

«5 &J55— 1 111 || »»* 

rrf iiMiTd-F 


-Oil 3-S 

d 3a 

Sa Mil L6B 

m 


+oa ok 

Jft| 8 m 
♦ft* 9-5 


IS SBBSSSi: 


BBS: 


* *>>• 

- ®*s‘ : 

r, i 

*5 *;< 

-»5C5^ 


«sa^ii 

> •;-<? 





i.SKl 2£L 

DeHhglomuSU' Bd Court F*d Must PLC 

^ KemfiMS5<Tr«i.Li^^E C2M2 



iiR^t iiitifei 11 PS 

m $ KS& T-sdS* 10 ** 33 “ WS3=tt I ?jH MSI 

, 171 BUM gSSsrr: JSS* $ JS ■nMlWn 

GASE6IMOTSMMI— 009 ”n M» DMOswU— — -eS72 WJI +« Kracin^TiM— 

BAKN-fc-nOW—M lat — j lsu7<cSMltii-d giai +J= 5S P iScTlJt t^ — 

"E aSSSSwr ss :rj - S ^"— ^ 3 8 S & 5 SSSi™«' 

IS MiiF^i-iu-iToiiO^UfcJ ■** ' Bn ffl- 6 *— ^ ^3 5$ li Octwin IWtT 

M cnwtt Uota) Wl Moot Ltd Tfl $ fi 

5J5 Cowtt (Jata) UBttMnBLLw asrtic»ofc?- — Ej; SJ3 Ii« l» 

p 5 WHiidiwHaBftTTLaBtoWjLECZ B-588S«a DjiakwO — — ■ ™;3 +05 tS O uueid w l—f f 

1 s^o ^ s msL 1 i 1 __ 

s?s?S!i2“ Dir::: ^ D 10 5u :-: l« 5S?£rf«£»^d ^ H ^ 


ScOtUri* LiM 031-Z25ZZ11 >S^W--3 — Cl ^j S3 i« 

1 : 3 g 111 

<E£EEEE$£ S3 *ul on S ^ is 

HhMM in wlM u t MnanniLM h 3 Eu««i— — J ® 2 

V"** jy g ga«g utw -« 

ssissss^s jd 53 b ^s” 11 ' 83 ^ mi Tod ♦ja « 

^ sp SSff!t=4a. H 1 51 

BSfcw3BS LB .H 4| H 


™ WdrvcT nwFi ■ «« 

fS| J53205JS laoaimJ 

i SSf^- 

•oa lb 'SISJirarz: 


0603622200 
+I2JJ US 
•ftS L02 
+23 djoo 

^sss 


ScnttnO «wd»tlin. Ms t IM 
iStA-w-SoMWjU&i nid-L 

EnM>*n_-— — j"£7 22,3 +L 

hrnMte- ■pSJl 1 m ,t| _g 

C*SF*flW*tt- [ISLS 

Isln-USl Sks6b— uu » 


** SS^nTfl 1»| 

Paota PwJ.ia. — Jgt 

S«aO-TlL — OU 

<rm TdMw to. — ^ 

Ml A«4«wTnin “f , 

UB UKTnaa ■ — 1 _ — i~ 
BJ7 EiMPGW&wrtTfl — 504 
JJZ Hong Sow Ta — B13 


79.< ♦5-J t{ 

oy ♦0.1 04 

U2J tU U 

uU *U OJ 

BE? -mu a* 


“ s 

-0; LS 
•U 21 
♦OJ OJ 
03 LS 


ora odartn IWt Trnrt Ms** IM 

■1 ssK^sar*^ 


01-2^ en 


-"SSBfr M = “ M ia iSSS3i sa d a 1 

aalssgfe^ M da liislliz Jl si = » 

■ EBBM'.-ll.^ B sgs=j | 1 g « al « 1 

1 sat2rLa3sg£W^««. “sasiSB=s&««jfw^®^S -I 


c "™5?SE5t 


+53 IS (-jctfic Stm* 

Eg LS KASm 

cSusaCAlbnfeL 

SrKVtta UnltTstM-S-MLW 
+l3 — B Lwal Lm. LddcJoo EO BDT 

, M 5iS Ss£S5teKi£3S 3 


LU gnnftdMr Fond Moot LM __ 


031-2! 
ao-ii -l; 
Stol 

$B.<M +OJ 


_..J ZJ1 

r..j a** 

3 L62 


01-621 1212 


LMUtaa A MMKtaster (Tit 


c-h i tw ESTtAs: 

£3 "H iS 122 £St 


JMnTrU-. 
Tnd el laiTr 


Mjh Ptnfc 

HigbiKOM 

3 PncuolliB- - - 
PlftCUCOi Acdml U 


■+0.J) 006 

Si IS 

*o3 a oo 
•£3 ooa 
+ft« 107 
+ft« 0 l3 

m 

33 ts 


Kacacnw " u-jumi 

gss 8 ^ sa 3g 

5 a*£S 3 £==:|j *> ^ 8 S H =1 £S 

gj S5 0® WeSogton Fond M»9« L “ m-fiauai 

rss^T^i=:ii si *a aSi^^Sf" 

umnm> -» -B™ 4UH +OH 4S* iBIISSS! fim'^ r Hm -0 1SBH > 0.4* 


EMWIII" 
Ml ftmtnonw 

UKGnwU— — 


S PK Ei«W Trort Bronp PU 

a MasagSiB h 

8 S ffi£ 2 A t & , S^«!i 7 ^ 




S3 fa SSSS5K: 
as tfh , M* =[as H ;9 as sssssfa 

5sSS=g5s 3p 2 0 &^ u - 

PegUMiK WJ1 WtadsarTnp 


3 e 

_J M 


I S SSSSs-T 8 ** 
1 w SSSSe^ 3 = 




ftU nbMMAH 

i 


•s3 Hi 

^3 ss: 

+0 am 


Jtadmqr Wfchr Unit Tft MbmC LM 
nwMcgueSk.LOMkM'ElTHP 01-3771011) 

zd OK Bro« SM^r * t-^SL 

WIMrQmiDlac.M ls6J UjEl — 4-17 Miwwrt IM. H»w»dl H diCHy 4122hg3J«ft 

JUtbimy Uwt Tit. Ugi. Ltd(aKL) . atSSSl^^Zldlw^ *ifuj 

31 sJsUML uwfc* tea* 7Ql> 07064322 ^2 +13 *m 

fM - h»n MMl . ..J 430 Em^Fi wI ■ . PE A .,?°23 till Tit 


MLRKMBylK, 

Do .Aic- — ■_— ■ 

hJS^ 


w*- 1MJ 

3§ES 

HJ534 0»J 

i. S«m. tlbw. pAus 


E is 

LS* 

L5* 

332 


S5SESKS4SS 

mt^jim „— ■- t - 


„ shh—udmitT 

m+nt LM mmew 

014495733 G«*«ICBi 
UMjJ I 2M CnMM* 


r»7 im»yn*»i — 

iS 

ao 




PUB TfWt UXB) m 

■266 szHViKoBmWClVTCB ^ “tiW am 

HI PewIGnirtiM. — tJS* mil +l-l! 202 

Ll* toulWB— -K« UJa +0 3J7 

03* Peart Inc-— — JSa +tfl 203 

03* taMUMTn. Eg R +^ OO 


u-iu (tma, imbi 

am ptMiwiEaMi 
042 uunuxu- 


i „.l 332 

Mir juft. r 

t MM MM 


Bfacfethwn U nR Fad Um*tn BtanfiM Rond Ex. IM Mgn> W 

S^SSBHaSLEcaaim) iu_ . MW 

KSg 3 — ^i 2S am d W ^ J 


UEDrtlUaV). 


7® UUsnlMBl. 

S -2 DUn’fttM-— 


wider qwigi 


»K. 

C, ^ 

,7 “ '•'is?..' 


H»a6YkMLa*7W_ 


MmH«U Hanscawt 

LUngSt, MaoditftxrMfaOSAH 
MBMWHiWH — b -2 


cw sgassi 


sjg^ I ia 


07 


(taSiiKn 

VS FrEMn — 
Mb uceaiUomi - 
8K Fnddln.TM 


5a S3S “Sf.^ 

•LTI 134 ^SSLumST 


a«i 

#4U 2i0 PanaiP** li i m r^ttirwt W> 

jj)7 

♦y PenetaH Unit Trust MBS«t W 
II* aS «IStiw«."*He»o»Ttane* ^ 

+U aw MnuuwibMO— K-J ifa 3.t£ 

+03 *.'10 CSi fa's +Sti JJfl 

+Lt 407 WfdMde H«m» R® J 1 £5| +0.7] ofb 

+L3 137 toai w nCrod h . . - — E* Srs +JLii all 

♦ 1J| J-17 irt.Ei iaraWC *. S’? w3 +«ji 077 


ScntM Fwfcia^wrt Ud 
JOCtty RhO IjmB* ECIYZAt 
DM*W 01-628 6626 „L 

sspksss^SS* 'SI 
« 


Windsor Trust Mngra Lid 

»*»“" M 3 

+ L d 031 SSlr«=I=rhOi 74-TH •» 


SBMRSKa^^^ 

8 S 

0® -me TorfcsUre Tnet ygjg, 

LB — 


■ 0U-B342332 S5 £*^“": 

tin — 1 lb KEspn: 

. ■ SiadldCoiF.U 

d SaaOB-CaeMI 

EC3 00-220 7231 Tedaotow 


15631 —1 4.7 — *££ 

BBWJsasarr ssB- sisss^s sa ss= 

SSSSuxSSft^iSo 1 mol rJ am gSIS.'ferrzE&s 36^ _*$ a» to 

- LlUt-MItaMld . U ! IM 


IM Trt Mw« LM 
So. E*tora6 EHZ4D5 




PrStt te^en^wfcSLSfa^P 01-2207231 BSSS= 3 S .!S ^ SS 7 M "-aj » 

===»* ♦“ ** WBtW J*. iSSl 1 3* , 

Jl^ltess=s.».“^B Sr ar “- VSS.? 


itaBDiUW 

Bt M— T** LM MniUMl IM- — 
Eo - oi-bzawg 


"V.\ ;•■ .'«; " I| 

1T4 



1203 _ 

wig — 


31 

_ J LM 


p • • •» -. 

' d ■» ' 

'L'Z -- ..' 


BdBBs Bffbrd ft Co LM 
sanAMBSLEAlMn* 
W 1 EMHK 6 * 


ince»»i 1* J 
Penan <W1 nr 
mirtumia] 


ZOOtaMBSLIMai 


UKonlMUR*W__P24S , g^ -— 1 

(01-2266066 SESSSlTS^^ ^ 

H 8 k SSESwmSS ^ 2 *«-* 

E3 ^ CS Fund **■— r - Undtad 

-fj S Ht» HotemL Lon^iWaV bPY^ <a« 

' *S nS CT t S SiSa'Firtdfefj M ^ 
♦M ?« SjSSSrSII— Hwa . *3 Isij 

tl3 *5 m BS SpBU C M > 9 » L * a 

+M is f— *1 Ufc (Ml Tm*t Hwv Ud 

Lml G«- D61~— 4g6£ 1^3 +UB 

S^Sea-teaa— gy i®3 

01-37*6601 R; 

al +fli4'LI* RS^F^STrma— »U *L2J HU 


*73 
__. *73 

--■ ®3S 
aw 

+0.1 137 

+ft« 137 


EFM IM* Tn«t Mawjw* LM 
• MnWtCnKentEH-mS _. 

EFWJMrtoaFMlW 

phw P b!- 


031-225*571 ----- ■ »-* 

j |j||) 

H B SSifeWrTB H sa ta = PT^rc-^Fd-^LM 

M - «s « 4 & safflassflf - oi-Twsjn 

^53 -0J am tADon- UMdl ^3 ;n toulrc— H IS3 000 

li3 tol wn 317 wSwndelnc g3 BLW *S| 

»a *oji on *s^ss==tev jgis :9 ^ ssstf&r= |i »« ® 85 

1 * “ BrwsssjHL ® * ! HI 1 ill 

W EEb& ■« 33 K y S 1 ill 

^**8 JjSSj7ft52h Ht'ntom WGM Unit i, , fTKi^, m-6 7.BPii ProAdeBl Ifcdiial IMI TrM| MM^im Ltt 

+53 aw r^7A^rm7»7300 Om»W 02T7 217416 MGM HaiM, Htene AlWWIiwq +t? 5ft» 25-31 Momate, Ladoo. LC2H66*. 0W5883™ 

5S3 ss lassttW^Im" m S3 «« 8^g j===^; ^ 33 13 KlfSSS.^S| £1 51 

^ S3 LS6 MUIM-aTn-^g g ^,83 «MSSt' fc «®2td 
Hrmleraon MraMtratkra W MU)^. S£sSS^ 3 S ^ SB 82 HSSSftSV^ 

*u 244 i'ry~c +.1.,;+. Dfurf Hauna. Biyn u mo* taw . *w«w™ ” noberm Eansna To. 

:U JK e 8^0Z772273CO Owuns 0277 217238 Mmasemwt Ud MlB 356101 8KSBi* l£^ 

3S B te a laJg ag 5S5=SS^: 

—0.2 L22 5PO* SO. . — “ClJc 791 (M +L6 084 r. mrll Mrd — F*2_ J^-3 ■ .n Hdba. H. tolr-Ttt- 

-07 OZJ wokb-UM— Rtfcl Mbi* *L2 21* SShiKrmr Llart dpK 8 *« HmwSnE** 1 

-53 ,M * ra T*L^ r~ B Jv: 75 J* +aj yih«i>b t » lw — jjoj gj ”. 0+7 

!^ L t‘SSL : JEEEE^5 inm Hj 1W iSsSScei.!i^^B iS| ~~ g - ... 

OU 2165685 1 “-**?•“ liR7R 144J *23 222 Iwati 

I 151 FirEjn . ... ._. 


3 5 S Trorf M*M0«« LhriM- 

loj aa7 z22BUnp»ae.LeadD>iU2 

+27 LI® PiT*fic — ^h?» lini ^83 4.4B 

+L* L7S PraSftcCNeftiSM — g" 12^ ^ 2.78 

*70 PwMic EatoO lW * ■— fJJ _J3 J.71 

-03 *64 Pidflk Ed« IK ^-* lO - 

+121 136 PreCfic FaEMt— J 7 .- 5 “tg +£| 3.44 

*103 134 pn*sc Mwh l« JO* .!Ai +aS 037 

+03 4.76 RndFIclaL }St +l3 - 

+0.3 4.74 Prcbflc N. Ararr F426 U>4 

♦lid ais pMHKSpec-SW w»_ ,S7 _njl — 

-•' 026 Pn*MTec6nOOW hV *’ 1 " Lh ‘ ^ 


^ - !S^ls?fc INSURANCES 

in iiTsffl^s M = l “SSSg^--^ -PTP a 

*0-3 °^l StaiHtard LHe Trust Mgit Ud ft3nn ___ AXFrtroti 5 tJ»u-J- hi* — 

*S| g;% ac ^ g*hK 30d U»e Cb V w ^tartan 

_ «5‘eS5hw t >->^^ S3 ^2 dm p i m3 *1H - 

t*d- UKEoPlr6*4l“J““S-? 23 +03 280 {fejfyr' 'Apr [rw . 7 3cd3 -- I — 

■isra gjsfiw*^ H si ^ g ^=p? II + -^ = 

a a ssaaa^s aa « ag^=m ^ a = 

33- StanMth^U-a IM Mors W W_ ffi = 


1 ***- s sj»%ftr5 1 ' ^ B tS2^m77 m-nb gz— aj ™ , . r„ asasis 

r-fs ■« 33 K 'd s 


01-2*21148 

♦ft* on 


rni^owoTwHlI 

EFMHtghntlFftW 
EFM banarlFjnd| 

EFUPwHeFnM 

EFUgwortoCofl 


Tan lUKb ??, 

.aasr™ B 


•OMHdwim 


CM&FW.M.1 


pg=: 


Berhtc 


Bvdayi UMmcu LtdM(cXl) 

SSrnlta.a2HooAinlIW.E7 


19fi9 


SimIH 

TVi A++- laC- 
Dol Cwfcd-1 

Da.£ncWSn 

■k-biMU 

memm 

OoLEdralxfl 

pB-raanml 

o^sooh 




S LR r M — Fnd Mangers Ltd 

B Op 

+71 w ♦_+ m af F6 l at CMrch af Eg g l nd W 

i & aaBa"a I d c 

■ :£ 518 5 aegS ® 1 

Wrtl FWd« 


Eagle SU» Uoft Mngr* Ltd 

wrRntC6de«M>GL537U 
UK BOMert Tnaj« — E? ST 

WfrSjttT-Stou^feK 


UKlhghCtTn«« 
HAncriiaTnAOesJ 

firboaTnattc 


EaomTn** 

UKGAlFallit 

IKCM*F6dlaL«ce 


8 +0*1 0*1 Be*ofB«ii» 

_oi( L22 Snead S*3 — 

Io3 BW 3 Sk.W«»» 

-a3 77* ftramri- 

CKL&OKlfe 

SSSSS® -“-3® Ss^ 

■ BB * K B , Wara ®= 

auFuia —eft £2 +La *m m iu 

**6Jj5Sfc* S5? ills *ft« L02 

saa sftedl ; ^ S i Sss 

Si oim +ftll LSI fitt*allne3«46-tt 

Tflri 6al» arnii MWB 


*5 Ctariooe So, Ej 
• aertc* FirM 

Uuxw-UdtO — - 
nVHMrmllMgl 
teo.Wi.CMMIIIa 
AdualonFua] 

UkmlMK 
BmefcFMi— 

Utcaa-Uoul 


ra-ziszn ESSEwTe ^3 

actafWttSaEaw^^ +oH a** hm>i ~-^'- <1 Sti 2 w *1 

-cSt 747 0 +01)1 092 Soup * ■ ■ uhl i 40b* 

W . 177“ +S3 042 353I 

-06 38031 - j J-n y*P. ffl m.fl 

-°3 °-™ g"*"? fanai (IT U ynd 

814.1 *2^ 3 ?2 K7 1 4877 

ii» llkl +« 3 42 £W 30U 

1 jSl +L4 0« Sdear* ggj 734 J, 

3673 +Ld 0« ~ Ml 37JS 

*»a " n ' g S^=^i 

S" A,ta, ^’ , Si!^* 3,B “ nl ^MU 56293 Aetna Life laswanee Cb Ud 

Son ABUnte House, Hortam ^ ^ si London tCIV 4flE 

£SPZtn=dS^ ^ ^ jbffl 1137 

rSt*-— i “3 +b.™ SS 5e* ,tl — 1 K Eg iz-41 

Wu i u « w I M - HI . Sa +l3 lm £“ r — Tj an if95 

Ew*»»- gj S3 Zt* 4 JO 9:1. hl*a 143* 

w*»* *** a * ddfijg wn 

Kan Ufe of Canada Urit.Mvs Ud SE^TZzd 


S^aPPPIFeOlU 


01-833230 


EaniB««- 

s KKf=S=®S ^ *S gr^i= 

H4 Od — - 


UaitMgn Ltd 


Sna Life Trust Mgart. LM 

iKSSS^s 

UnenanfaoMttaAcE. 

— — — -atone AO. 


Mayflower Managwaat Caj^ 

J7b Ho-lLanaiinBrtdge.lMoftSEl iW 

430 urm M»t* 3“-» 


-1 JS? ISKklST 

:::■ ?TJ H^SSr&iu. 

— i ora Boner Mananeraeat *® 

31^)5 trwto" Stiwt L**H« EC2 

OnSraMGen-Fd -feSn M 


_. .. 070 

__.. 234 

SJfi 

an 

nnt 

'.I 030 

L7B 


(MWCmd**. 

EueaeoilMSPeAct 

Entna loam Inc 
FawSnW** 
li*. boa* Act- 
OonGroaOiAOL 
UKG«Mb*a. 
ua income Acc- 


01-6066010 i£o 15:51 ttoo^n I’-H - 

+0J| oo Cfc-Eoa ed — \ SS l — 1 - 

I 1 -a d = 


li Albaaf Life Auuraace Ca LM 

0# 30aii*sLAw.PoU«fiS. 

g ttGSssM | 

” F„ednLAo.Ui HUJ 


070742311 


IIMH Groat* Acs 

IMgrtHNAYitMlK 


ia3 437 £SS«l*t»16-rr 

-all 407 bxmaboal MatSi 16 
_n 1 4*7 cmullneFaMMlh 


. mmiimimI CU LB FhadroMMn-rD— 

■SSsdw n-snn* gs-BSSs 

^ ?J B Cb-dr-S^^ 

r 53 -*» 635 ReHance IMt 


01-6004177 

SSI IS 

S3 S3 


Mi Meacap Unit Trust RsfJ* Ud (aXcHf) 
4*6 r^TlL. m Onnfnnl (U. E7 01-534 


St 6eoraeitw, 

0KIM6- TUAB — Sffi IIjb 

UX CM*. TO Inc. 054P Sit 

.MS 


'ms m 




1 i:sas^sa|sfsr^ 

al S3 ssr£?fc=l •; _SSr i -1 - 


a ny riaiMiye i 

ClBKFnOiriW^I 


WMSn ®B3 -14 04 

sm ill is 

♦rut +25 ABb I n a 

#B 31 B 

002 Errcpem IrC- Ta WB 

^S 3 :ss S 3 


uni Mencap linn »»»•- - — «■ 

MS IMH Mlhe,a»R°M MM.ET ^ 

Q.h3 WCMTlF- — " 

on Mercury Fond Managers Ltd 

LB S^SSwrtHwSt. EC4R4AS 

iw«HEiai » 1 1 *®.* 1J5+3 


-i3 533 Kdtance IMt Mgrs. Ud 
IfrVnl HeUance Howe, Tpdw tM WeHt 

K09SM SSMirSuS® 1 

+Ld 433 BS.” uiTaUlcc) — h am 197 


089222271 
+Ojd 252 
+ftg 204 
+ai 204 


Sis +5| 03 ISSwFdtomUJ- pi. 

S| #i is ssas'i&ssffiz^ 

6*71 +Oll 20 iMlFrdiMFdAtflit — 14Z 

MOad +0.71 55 jusiFiadUl J77 

«bS +0* 45 j£XnrnuaFdAcc<ii. U* 

Proa FA Ate IU— 3? 

Swta Life ^TfUUl Co LM^^IM 
99-101 Land* Rd, 5w«kS 0732 En *S.?t*!P 

S28£:==ffi S| -■-] !i fa , Si , sa3==S 

BgfcSgt — aoi "^1 403 ftfflB5ES!2^® 

rted ^Pmlar5Sa< 11 . faMdMbWW?- 0 - j^PeaFoActU 1*0 

— MM* I- b^Aoal-^l 

TSB Uidt Trusts (b) (e) t») rape i-Nwaciai -312M 

^^FU-owr.HAwadWWSKMHt JE&SS 2 


EOTj -1 


b+MKOnKO. 
15* l Actum Until — 
081 Arman Income _ 

056 ucam Until -.- 
*46 EnmpmOmtD- 

057 tAJ3«e Until — . 
C 01 Cursor in lon- 


MM RntbsehM Asset Maaagemeal 

"iff uS nM “VS H 5 


Tel 026*56789 


Baring Foa 
POBoa 156,1 


, 4931 282 

MM Utf 

^KrwBK3*XQ <0-6589002 


2K pnrt 'fiHnfr"**™ Fmd than Ltd 

m liSXSSs^sdSi S3 


F ft C UnB Maaageaiert 

1 Laaewz PbbbWjWL EC*RW* 

— ■ — 51? ffi 


02 ctarical MedlcM UMt TcaM Manwn LM- 

OJ SSSiMrB*MBS2ftM -l 8 *^? 3 ^ 


2j NwrawKritW** 
in 

33 EauarW 


SnaWtlncTO- 

craw«6MTa* 

jaanSpetB^L. 

J»pan5anni»T*. 

FW&npT*— 


a ** 

38 0»* B 

38 6*®9^i 


02 wtfcrSgC 

o| ftHfaa a 


a sssa 1 ' 

s ssr» 



flcSlS-W— §7J 

$tSRSSK=!4H. 

eeritonniBcH — TOO 


r sc Utoo* ■Kgr-gs 

f * C 0w^» w M— 2^0 

FAC IWCWrtbFiM-lW-S 
FICUXIM — eg" 

aSSSSWii 


GoBdVtAM'l 

««?•■ sssssr 

•J^l 28* AnmHrcrrj TS 
,5 C™aH FPM» 

«| 5 ^ ESScsn: 

♦On +-?? RHulTfdi 


♦L7| CA Esrsaennim 

+0B 001 UuumIMI 


jgg oS |^?“- 

-£l Slh izy* 1 — 

a 3 s “ 


■TlfJBI srs L*LCLU7« WWW 

ib 3 iii gssiassr-— 

So? am LeortWotu 

+131 036 heat... ■ — 

S lAmnUortii — - 

430 inenatNol, — 

LS4 (Accm Unrtjl 

003 u^nUnBU — — 

001 {tasnnLiuU-^ 
236 £bm* FfbruUT 3 
Otaam Until — 


S| id gS= 33 S= 

Io4 *J6 "C««FB S . 

jv| 8 ;S Kta: 

tt g sssssr r: 

:52 1 “ sMRMssv 


TS8 Amman 

Do. Aconn — r — 

TssamGnMfe— 

Oo.Aman 

TSBtomoMA 


" h3L5 

s| 


lrtw,5M Si2tA J 2M Allied Dunbar Assurance Me 
0,- !S4®^SaPcVff WI-mDuWuClr.SmiilwSItllEL 


*i3 IS Es22L?^d»l iSs, 


*P3 |g ScSSffttra-atl-i. 

M i s “SirlSv 
Tll ^ is 


,, UBJ-+ •"■- 

uuuoomid UIM Tnn» 


Da Atom H| 

TSB tm n— g g-; 

TSB tmOiiCSO» |j*L J 

TSBOemrm— |1W2 


+l3 4*6 r/jantdAtc 'K92 

♦li; *4* tt*r.Um«*Kc—-**l 

♦ L4. 2 50 fb tAn-cAn; — — ■"“ 

♦JJ: 2i0 Ament*BEawl|i“T“ J2!f 
-03 91 6MWWW U«1 


L 079328291 
2*0*1 +03) — 

3SHI ^ - 

S 3 = 

51* ? -61 1 “ 


MU' +6 
«l* u +s 


B asttsasAiu ra +»»™ »s= 

« a*isaa=Jss -S3 d g S&“ 


satfS— -tef* 

FACtaamn. -gfcf. 


FACMami 

FACNbi* 

.FACS4H6 


H l* S^SSiSt^sISSS^SlBi 

?S 9«i2f£, I10B8 114.41 _ 


Midland Bank Sro^i UT Mjw^L" 

Court oood Home, Silver Sl Hraft SfcrtftelO sx » 


5-96 sSrSn>g«JilO— 

g 9 * Hmh YOU Uar 6 

+52 Mr»U» to 11-——- 
£f£ F-»*d m»**U * **r 11 - 

J66 Hup inuteoMArdi 12 

A6* PjrLMbUmiO 

CUnw»««*5 

lAgonUUF.. . - 


— 7^5 

—23 5.74 

.... 131 
-25 2JS6 
+2t 1284 
005 

L..J 33S 


T5BFUte.nl ReMnot-fcl J 

ftaa 5g=Bi 

Do. Ascot— *“-4 


_ .71 L07 CteteOmnFod 

224 CmcnbauEntm 


uJ5° 


'1 Tel: 0742 7648*2 
-4 WJ fb»6Wl _ — 


fT<m __ 

SiiO uuxumi UtdeJ 


Royal Bank Off CagdaFfc, 


3i Unit Trent Managers LM 
S^BASoauftWlSaA 
SnalCo>Fn«d- 858 


♦021 636 PwiPma A«- 

+2jj 0^4 Par.Uir.CM — - 

Mi r:s&= 

■tftsl 152 Pen tg A cr — 

7B5l +ad 0J» pmEbriCAP- — 

PntEteb Ate 

Pm-S-5 Ate. 


3 TO46 7472 

zjW* 7^ 
3H83 

HUi 

d!Sl L~ 


190 tfni Epflfy Sl Gassn 

ft CROSSWORD PUZZLE No. 6,278 j ||| gg^| 


HcxaoDO Seraces Ltd 

0*1-3326*62 2BWeB*™W,lhin«BrfM*13LB __ 

j aa t; ssc .- — hi su j ^ 

a -__l 70 . .. lAcemUWlU 

H w «— ♦ .9* «5 !£S&s= 

HI a Ksrd^w.T '^3 as s iss™= 

+l3 LO S CaomlTraa fea] Sd) ^3 239 JnpmmdPne**- 

^.DbtUrTr^-Z— ^^4.4 ^3 J|S 1% UUnrtUptH — 

— fiSi ^ -3 155 KSS52T 

— oj) B56 (AmmUMlil — 

TH Ina U7 boAvCM.- 

ira3 +0^ 3.W lAecmilWtU — 

^ OB MIN Brtaaal 


0708,45322 


1K»1U“ 

CoMtftyAGea— 
lAtomUnjnl— - - 


'-a re —C Trmt HoMBer* ua*, m-6006222 
♦ 13 15? 1. Loodar WaU, Umtao ECZY 5JX. “-JJ _ 

ilke^a a a = 


Target Trust Mnqra. L M WCb) y^oOO pS 

R35SSSC3S5 


1 U* EnoolWir 

„d 239 lAtomtUnlj 


F5tacU-tnra jj+T 

DaOtaual— -S? 

!moCrtFll Ki 




55S5BSa3i3i3iB 





SiSaa “■S w B"S"Bl 


" tac-bJ 


liS SESS'-te L28 

?S Royal We Fd. Mg*t Ltd 
853 New Hall Plot*, Uverpcwf 169 3HS 

337 “pSSIEE^Si "■ 


Connniblerial- 


gEsSBiK « 

If, Ambassador Life Ass. Co LM 
637 . ■ p. HmMMMBBUBl 


EmpraeSorcSti- 

Fbnncui— 

Mj lWW - - 


♦ )•) aae Ambassador Lrle Ass. Co LM 

:a sii iS Li«»K r ,«+ -RP= 

t0 " ?S SgKeSrrdfiM iSa + 0 J - 


[anaaTnsddM 

SSSttcTBCd 

OlAFBlMCil--— 

ComBAMcTisW-— 

[JaanSpecUISioUi— 

SSotSSui-—- 

Illnaidiat-TwtiJ — 
SiZlnc- EaTo-tJ- 
KS^SbWbWbl. 
S«na Z. AUnTn Id— 
SwlllWIt) — 


on 

2-2 oiS M-ftn -To- 

M4 igiDSSnaSrrCnn 


+45 277 
+OS 1.46 

+i v re 

+o3 ora 


U7 -K-5 vf' as 337 ^ 9 2831 

gs KTfSSrZIgfl ML4- ;7J 932 ^.yjjtelUMtF. _ 

IK SJSm^toAta- 545^ iSl tlJ lS 1^ 


01-42D09I3 

*74 

ta if 

+53 087 


PiCHk income — 

PauCtHri"- — 

Prefcnoct Stare . 
Special hn—— 


SCJdtSS^- 

gSgl 


SI 5 « ^ P^ C^CwllX 0 UK 01-6807182 

tn? 085 Alpta KwtW -Ld* llM , in d ♦ftH - 

” U 418 JObi +03 - 

+fl'« 051 SS!iA^ JSj toJ '- 

-03 030 Eastern Ac* _ — K'p’ toj — 

+0i L^ f«Iiiwi»Acc m3 ifgf; — 

♦*3 407 i MWMW *»IAce -6J40* iSl iol - 


re UF En mn *« -=-■ - ,— ■* •—■• 
L53 wnb* eo cp n Pn || | ‘nn l h „ _ 
UmpreAu — — n m3 


01-5882777 _ . 

UIUBrn.5nW> 

HtHBrO-SodFi 
(W.UBCl. 


Babcrt nenuna ft Co Ltd 
aStaH^SuonLORTW 


UlUBmEma 
HIM 8m. Ota 

MIH Bnl IK A CraoUl 




Amre.AG^ £7-1 


■uaBaa aaaaj 


"il sSS"^^ iiigf 

J is M S‘s 

* ** * - r SlKiS 

a «*sM -[SKKip, 

--•- MiMBmUdWEMBW 

= I ffiaas®a«-gra issst 

4-72 LAS Hl gb WPWK ly-.zrBH »3 +03 °3" yjSSSraiiiw ~ 

__ 4.72 easn. A merican E«dtr -6" iTa +aj| L45 SiSSSniEmme 
“ 081 IjS UK Emmy 70— —-Kj JJJ3 all aMBnlBow 

tl- |jg uSEmweno.. I7~d W2 S3 

i I L ei c »5S l ^afSi'+ L KSS -HE 

3 381 iKInaFmd—— g?-4 S49-9 +»g| L32 him But ml Hrawff 


London CC2AUD STIm a. Mu- Cotdnster C01 IRA . 

Orel hg: 01-638 0*7BW479 gi 

!»a :d I*? a5S*atec=ffi> w- 

s| ^ re ^=^-7 » 

B *5! re Raya) Trust CaiuFftHW-Ltd 

. ^ _ 48-M CaroonSLL«ia»iEC4N6LD 

s| y ss i 

S 3 *--!) *56 «*™-FtaMl=^ rtjtl| 3L9 
iuS •oil 9.43 


0206576U5 
+LH 0.74 

31 is 

1 ILOO 

i£3 SS 


SsS^“ 


U4.d +ftS — 

Sl SI : 


. - 

-unumftfld. 


12Sa 64- tanm*. <■* 

Battle AMwaneeFtrads 


BssaSSSS: BSTfa “^”= 


01-37*6801 


’B6 72J3 

FarEnst ACniTa — -^L# g 

JlMifrGff^ - "Dl'i 57 7 

Sune eitan* greJn-H-j 

fi^+'iSSS^-Kn 6 * 


s «wiT»i«-v? l E '|KLi“ m .a,«w sasst^^ 

S gsas idBL fJ d ta ai & s=m 

*J6 6*“^ -UnnuOicmd T«-+6m Remnant lllU 


3 8 SSi^ 

KerlMwtriacro— 

Kn»1«UF0 

01-6285183 ForHatemnrtBM 


&S Sfisa®* 

b S »WS««B gob-T^ 

057 Capon Srovnb laLj — - 2 ‘ . n/?3 +ZAi 386 

oS ^SiiTS^UI- g3 ^3 +5 WB TBOS^. 

« !«s= g sais s^- 
.sssEsr^lsi m - b 

B gnS£s=E M a ■ 

S»^ “i Its ssaa£SS4r"» 

151 tAccwnl— - . -— *7-“ M Fie«tolFaFcp2b — _g7 4 

O^ P im a ge PoWt h| _ n i| -ojl 030 lArona U«P 

0-® Ho^&VU. &LJ S3 L14 . 


T « be * u Re 7si^sr t 

ssaar®"** +oh 


044 T« 
044 TR 


THOwoeasj 

TB Smaller ■ 

HtaPboAct 


VS UlMBntBmW 
OO (AcanUmH) 
BIU Bnl Earo 
MiMBmFarEaa 


ZH- 5» Pienv Has*, CopdaB ^ EC2H /ul «.« 

r_: *5 tS£ls£*ra=iK ISA » 


U1UBM Free 
Acorn UWCCI 


HIM Bnl mtl 
■Ml MBA Japan Perim 
ACCmnUnKI-— — | 

MmBrttJJOSmnlll 


H-37445Y3. 3^ 

_0.sj 06* IU8 " *. 

♦6^ o« Barclays Lite Assur. Ca Ltd 

2.7? 252 ^T l,ta *’- U, gS34 7 4219 

d $ E 2 S£=-=S 1 »■ 

-» *“ £W=s=g} g< 

^SfiBO E23Sir^fg| g; 

+0 4) OM 1456 2«.J 

•j O-S ABWduAwmi— S®5 

+ +i3 iS ^s?£5S"Lr=S4 at 

o3 ssaa==:R3 g 

+o9 0*4 Lr^urr Aoavn 1775 <K 

V77 125. 

$3 re US 


01-53*55*4 


IUH9T0 Pm Atom 

EipmPmAaun— 

inulPmAocuo 


1M« UM« • M ' 1 3i.ub.3H l3?*S54*Sfe 

271.4d ..J 339 

- -- Fm wk"- m 11 


ssS^ ia 31 B ssaaasa^Mw* 

LM tAccwnl *79 «« ♦“ FtaMreFB r»26_-m4 _ IDb 


~~ 1*7-6 155*1 +0-* 

Srziia? ja| +w 

— _ U05 48491 +231 

m 1605 14 o 3 +l| 

1S7.0 166-8 +L4I 

pTZ»76 ~JA 

pbnrn 01- 53* 55*4- 


L«S Horn, fa 

— uaul. 


ACROSS 

1 

« a2fi.5ai?*r*“ 


i« Machine tor — 

11 -JrJTr inaDt poems W . . 


U hU 
W ^rdemSnofthe deep 

IS Sm *?» #nger abOTt 


3 Some fine citizens raised m 

4 SlWriff hSioB ^ 1 to play 

« Leading attraction of high 

social standing Pj. 

7 ideal doctor was first np (5) 

g Awftal lies in letter about 

.sssss-i-*-— 

^^.ESl'^SiS oart in 


S “ = LwwtiaalMTrtlto^i^^ 

—A s-S 16 0»«v ^* n ^1(2^1 +ag ojo uimm mTh* 

1 LDO OmWOTlUB — El y w 3 +ofl HIM Bnl US ■ - 

1 tata wgln am c. ~K r 57 3 +OS 098 uuon UmnJ 

' wsmsKtMKU.^ |S^| | las -a-— r.»«»o 


•ti 3 


— Jmmlzl. 

— Ui.(i>_ 


F«6*-sF«r»26 

010 [Aran- U^-— 

H! 

197 IAowm-UpW 




SKB Mmagenmrt Unt«l 
20 Copuall teeJLnadEan EC2R 7JS 
MaMbloBsMM 144-4 i 

Dp ,|pft- . — 12CZJ i 


Triton Fd MwlJIW. 

Rojal Ldo Hse. Cokbea^Ml IM 

rmcmfll — — - M as ** 


45-266266 Btach Koree We Ass. Ca LM 

M»«6*UMHiaChatlwKrj 

re sre 

1Jl woc« «*6nr«w Fa- StS 


0634W5161 


7545 trtoA General 


amnewra. ■ 

Sour Co - ' A Rear Fa - 
0206,44155 STtki-oIwM--- 
_. .J L60 Nib. Awer.Ajwn.Fd- 


FJ.ManfataMrtea 

rJ.PMlIkSMiP- 


S KSJSfSSS 


BSs 6 =s&"Vid , ai is== 


Foods te Cowt* 

Pltfk , niHW*tlO*pWM^W-Z 


01-4054300 


13 Firm s^"^> « ^Sig crew taking part in 

piU J^Sri Sanimal-man® reei (9) . . - 

sssssj* — *- n jsa 


01-5»Z721 B Son . -j 

FarEanem 

+29l L47 5ooW*r Cm— - - a — id 

A m Sisassj 
® “■ ssssfsaal 
^ S s«ss «5 


Ur^l of moner - » morsel 

» sats-*«st*s3i ..a: 


t ft A- Trus t, (a) taj, 0237227300 ‘SSSSSm?*-’ 

ts& ** ■* es&ss^ 

“W® 25 ? hwn 0551 +ft^ A? 5i5SnBIUr9— 


| sgsagassS - *® 

B Eo^Hprae.Pa^ ^ S^£S= 


»» srsr iridg9 map? 

sftsaS? 5 ** 1 

25 ^e n y q “^“ U0ar0rhy '" 

-j. rti 


CmOUIttal 

SSmiacci 


“SredThenNSthe 

is about to turn over m 

« Ain. to Have girl allowed ffi 
B Tricks of bard-up escorte ® 

« Drankbarfupatmgunental 

SBJS5S1S* 


B Fw EwareaU fr* 

M 


U lAdMuUamt 

-.... L4 Ai MinOm -. 

0-40 (AmnlMOl 

L6D EiuCPeWt . ..- - .-1 

... 080 (AcnmUWM 

OO Em imonc. - — 

98 wcamUmd — — — 

,_.J 4-5 FuEaoaraGRrnUAcEu 

COtftFJ-— 


1050 

Hi Ssee ft Prosper B ucam u*mi — 

«x BP— gSU-srrr 

5 ill 

i |1 BKSfSi==^« ^ ^ ilsSiSfcs: 

g c^R I ^ 9 SSS 

illi^ 

^ iiiS ^3 ?5 KS£ u c^=; 

aim gg ass — iS.* wj *?■; re wSSuSu— 

l iS .^AZm 2 19430 *L7 ig SmUeeDoDn.- 

fl 1X5 CSS iSemaKwal IL2 41-< *M VS lAcnwiUwU* 

sl 196 ISSiecSriafra *"* ^ SmeiUSm 

« 04 S sEApaalw— — IJI? 

1 15 teWSdwVniFd 124-5 

I MEoMy— So 


5^LKSS.«» e ’ 


01-8376OT4 

-13. “ 


Enenj» IM. Fd — — 
pasIK BfM Fu«S- 
S«m*CmtoFd- 

Japan Co^JFvta- 


HPini 

UtaaaUBKU. 

MtbAwer btb- 

(AounUMSl- 


(aranUMlsl 
lAceun Unite) 

g BSS&v 

4*!£ taUwCn 0 


-131 - iga — = 

-y\ 25i £5 - 

a-Jy SB ^^ sw fl ~ E 

155 SSiSd-|m.FdZr=6B2S6 297x3 - 

li IS K5 «*«Sr*^ d 
S a ssgf=Bl 13 31 = 
:u re sstfsrs 

IS USEK^ 

+4L2 Oil Flted Ini Fd. 

+0i Obi DcooVt rd^ - 

♦u aij 2H -a - 

S3 iS5 s9 10 = 


SS 1D U« KT^pST- 

•Si 55 Mtat-raa 

JSa 4J* Store MAP SBIFL*» 
lot IM SSclS 

+0.7 150 OmtFwM... 

+0.7 L23 twuieAn Fwifl 
■ y Canada Life Group 


EounPenvAcc- 
Hn Tec* PCM. 


.BfiSS.Fd «« ■" «' 


^ at^RSr-SriSSK fes=r 

m aasraHSfaMp-ri 2 


onuuuih ■ — 


g 2 S^Sf^r|j 

HmUIMTII^- i g* 


^ 42 E«dnBOT72Bn 

ffiboisu 

its TS ItnBQNtfTrrfl. 

i9 re jgssfSzr 


ho ukesparts Ito® 0,d 

* 


SSKrisr ,%•< 

assmsKEsi 


SSS!Eft 


IB 

Hi B , 

2 »&-■*' 33 


+2d 211 lAcomUatal J®3 

a 

ioj 065 OnmsSoMlifVi M 

-o: 673 Suppif —HI 

+03 799 LAtunu Uwul — J«4 

+ft1 066 SmUkrWt- 1543 

+0J 271 IMcmoUreal — )6r8 

LU spetul&ta- laj 

+D7 156 tAconb-lHMil R39-6 

i05 U6 Tt*« xt 

+09 145 lAcunnUMBl— ZgO 

UKttOBT--- — 

IAccuM-U04sl 4457 

USSmouerCo. ST5 

014007595 PtmiCWf 2?l 77'” 

001 RKltoT-. — - --9710 JOKM 

D01 MS"ire , C»MllC* f S -94° ^ 


♦UJ »» UK Eccwy 

+ftl 657 U5.ul.-im— - — —fe?, 

+13 090 UawGimUi— <1 015 

IS 1 SSS ^j^ aS* M»» 

3 a ls»S H a " 

SI H feSJ.-K53=S; J| * = 

Si in ISBiiKSi S ,.g 2 J .■> 

^jjjj 0.90 -UxaAWriwd 

ii is SlSlSi^S' ■'’■‘SwMun 

„ as SS -rSS?^ Kf ■: IS 

St *ia 263 inovfare" Lun ' J5 T «l* +05. *-» 

Mf +2 7 *61 y <0 !!S - 332 355 +03 060 

nfti *° B W Bfc=g %l !°ai ora 

+04 !U 41 0,1 150 


SBSK 

]U lAemnUwtil — 

ffl 5pccJ*ISita 

H. lAmmUuW- 
eomoemCrtat 


sassj^gi^sgfis s S3' B 1s 

UKEpWtF— 3459 ‘ iSSEuP ^ ta" • "tSfST ■ 

Tmrf Account & Mumt LM Ai „ M«SEfS“r: 


070mi22 


SH8!* 

p -m = - \ s 

sl +ojI - gsSfa-=sBa uw* - jjo 

■ _^m_ umnA IfaB Ftl JM J 


iSMtin 0306 uu* - - 

sstf -SSF* “■ ai3 “ 

Oahnq urr. 01-236 2W _?g, L30 Kouged Fup4» 

lioo - 14 - 130 Wmir* 


W4MW-*»» -'}Si 

'Acc-nc UmW JS 1 .-* 

1-5569101 F#E«66e" 1|s 

.’. 254 [AowuUmW.- ”2*5 

, 25* muerPMIMre 

+05. 2-75 lAQumJiwd- — • -Ji-f* 1 

+03 060 AwmacAOrei. 6*5 

+05 ?77 ucwrtUMv. -. E/- 

+ 0.1 008 Oe+W ... 

1 50 lAuuw Un«' ‘ 


Si : •! SS EBaas=^g. 

72 271 -ooa 2M J*!*-*- ■— iSli 


20*Jj -05) 
*5 

144 $ -06i 


73 271 -OOO 2H ^ i 

HIM -0CB7 2M to*-., 

26 -S S , iS* SSUB-UBno*.::"? 


S| :S l i*3 wStoBtoWu-^iig 

JSW -I* l 81 «ldU*“Ba H ** 4 ^ - Hi? 
7 »l9 -20 1 81 MiCUiM Ba irerfnr.i _..23- 1 


02Z *t 3 

1*46 +LT 


*** ... 



















































































27 


• . -i ,tn i.. . . . . • . 










** :; v„ 



_Finarecial Times Monday March 16 1987 

^»VtUft Ltd. 


■'*' 


• TametH**. Gmhh Rm* Bodes 

yMrorKBMr - 


V : , *' J 


The Fvrdnrtur Cm* - 

91 W**** Stool Mn W1M 7D* OWJ 9040 


K ‘ i * 


« : r : 






ERSEAS& 






CmU Same 
S Amue Mwmny. 
es Mm MM Fd USS_ BIH7.79 H47. 

H Stovwn f« du-Shuth hit 

■Bsb«* 

CSBrertTreMDMABj - 

BWS Deutsche Ges. F. Wtrtpaptanp 
finratafftof m, tax Fnrttot 

iGHrti tud -oris — 


BHtnMt Fired (UwdM Ag«rts)-eootdL 
Capital Sto*mn PartftUio Lhditrf 



JMb m Ino ut went Trart to Ltd 

. <44 YortoWny. Yom tai m I*. 5wL*W .. 
Km Iib NAV Hre T. Wn 3A6*S t UESW JM 
M Tnrt H4V Mar < Wo* II JB WSS*M» 


KB Portfolio 

B4aMP«lMa~^l _ 
- townoipi 
Z SMBTuo Udrert* 

_ uMfeia 

JmaaFd 
KtouTt 
M. Band Fire 
prefceu.To.Fn 

Unman vmro 
JreMWwnre 


POBavXl 



JmBa* FlenUng — CMitd. 

JFPreJMreTa -»I« 

Jf Ham Kent To* __.«7.97 

JF Eiwili gin 

JF AraTraa. 

JFAimAiIn 


+3L371 


US 


Jf MnMMl TO— Jsp.76 
jranmunCnMiiTa gsRBl 
JTC urtf u ‘ CaoTd -OJS U}| 

JF Orem* Bare Fd — SlB If l». f 

jrnitAWmireCtT £4423 
FMpM)MwTM J tD.1721 - 

ttrrth.ttwei— •ore-wdrei. tow.goi 
i uM rurm oro r toman 4 ra i«- n tw «• 


L40 

ire 

ABO 

040 


Ft Mm.— Cantu. 

1553 !*ox 

wn»m7 -oi 
071589727 *00M1| 

1 ♦IMS 


Mat Wtad. _ 
c«nh rewre 

Dollar clan 

SvfianCUB 
MtawCBB. 

Dmcfc WMn Cto 
rewrHClre 
Hereport totanaHaaal Itoagnsnare 
S^BermtoBtaBemraa 


120Cbr»V*. LwrimEC? 
to la la tol* . — -4 }*S 

Mhretotoa-raare- 1? — ■ ^sjp * MH 


Area’HHTa *«■_-- 


c»mini.HrdiK' 
bmnl WF4AiP ' _t 


S3 lTl-mBSww.DiWiftl^dllre. 

ateKa=ES w ssa 


062023956 
4.7 

<M Min are Band -— «w TJ 

Wardley Fond HMBcIMA 

KK B*. KdlGreninf St aHdUF 

wrein Jrean Tire — 

M|Dir - 


Schrader* Ada United 
294 Rto, 2 trehnaar Sq, .Hare Kare 


MLIHl.SKretre 1 SIS 

S3" 


Leopold Joseph A Son* (Grammy) 


<4 n . . ftiiimiril Ltd AsrirenzM GENERALI SpA 

“ dimUiM bWM ■ SLfil _„J SailSSSiFa^JEreS »»3I -J 

= Dre Witter W a ridWte lremtuntTnntS* Gatrmt S 

— ** t» ***** Lreaitami Z2 m da la 

— KM I BUI • -03B — - “ 

sa 


SA 


Car. 1ZU Coro. SmOzwtir* 

AFrUUOMUSI 


-fL«l 


A«m Howe, SI Prt« Port, CuMiwy 

L Jos crenrer Fare 

Tf to p a ia r llrnff i fe> I 

l J wanaLFd. 

U.antagFred J 

KldflWfrt Benson Graap 
20 Frndairdi Si, London CCS 
KB iHMm m panl fd 1 OJU 

sasi, r 5i5=5j m 


tv Haw Zobnd Fund 
MreareRl «**« Ui P 0 


0481 26648 Chnd«. Bond Tare. *£*£?'*£ SSS^--- 

cMBitortFlHdngACp . 01-fc»W» CmMa — 


tanner * bun Ik - 

C m w g tBoreFdare., 

I an , nl — lire. — ■ 

Sctaritar WortdWde Setaettoa 
mZZd. SI HHkr. Jarav «« W73 

cur cure Fare* 


H 


»F«‘ 


. Uh fear Ca Ltd 
«fc*M.anttwClCH» « 

IMOf Dtt : 1X1749 usd 

Trident Life Areanrece Co Ltd 
londreft re t 


-»• . 

— j *.5 


*. v 4 



J. 0. Ward & Co Ltd 
_ 55 Llncoln'i bn FMds, WC2A 3LX. 

— TkWtUOBdBMd Jl®B 207. 

— T*«tt Hare ha** — P2U If 

tore? ■a55eaaH..Z..1lWO 5 

UwareFre* 

Yaiituddie A Lancashire Uwatreant 
2 P*Son Law. CTHhffoe, BB7 2JH . ffi 

G«iMiiAiKDtoiitHi-£nj^ ire, 

04 S2 500600 Uttia Bead(#or+<l J1473 

_ Fteanrrtamordlltal A4I.4 


POBcn 

Main Marl? 


5^ ^ = 

Trt:C14ZSB000 


Behai feut Management Crept 
P0Ba«U9, StPrtw Part. CorrosrT 0W-?0715 


Deatscher l u»Btw e n t-Tqrt 

tram 11UL MOO . ----- 

r^JBSS 3d = 


31 Z PirelreF 


CIBarHI 



OFFSHORE AND 
OVERSEAS 


wiaretHv rwanwre 

IMocfcatar Rrcowtr LkaUd 

mremMureHi 




JLctSbo 
37 real 


InttmnriDcntal hre. Fd. 
P0 hre HFU Hare*, Bafcrere 
MV Mat* 10 SBfcJT S4.IH 


w e 0am, L ap n dbdtaa 


j Titjnn 


Piairan Lw * lay. M et Ltd 
Vlorey Hw. Si Freer Pan, Gren**7 


Ad* Imrertreaat. 
Porta* 70% B000 



i!S 


Jtian- 


Ptraenre p*»_ 

Ttrehridge Wefc Eqnitahia 
Abbey Coart Tiatrtfce Welh 


Atom Food Manag ere ea t Lhntttd 

Pogren.Btiw^jgg^ ^ 


Atari Fd.ic». 


Dm & Hir^tt Hrore 

6 Am Lbyd fiooree. 1050^ Bnareh 

c 



— pmadla Uidt Tret Mgre (Jere^LM uam wiJh—IJ 

— Kto Ol BenMida BtoUtAw, Bmnuda 8092054000 CSAM MYn J 


esAiamts 
tSAMMYn. 
BSAHMDH. 

nSAMlaCStao 1 

C&AH M Ffr — I 



DanlaMa 5U Urtre Fd. 

FortlrWFnid 

KUnrart Benson (Gnerasey) Fd Mi 
PO Bot 44, Cuenrvf . Cl 

Gomrlac P1&2 


- 



Hfcto lrt L Cap. MrejL Co (E«pe)LW 
tfoPOB«105,6uf»awf,Cl 048I2MW 

m «?““ KCrrsrz^ 7 !? m *ojA 

oja Korean Bmwtti Fond SA 
Oii Z Baderenl ta*. LinaatajB . . 

£3 orv Malta 11— 1 1 1 

Hoanra PrudMd M Biohi l fojW»* 

2 Boatored *»pS. L*»»«fcaarO <7911 
hjiv yMTtin - 1 wiw 1 ■■ 

Harttaate UoK TsL Mngr. (Jmey) Ltd 
SSSrSrstHrto.Jmre 
prentr»rei*»«fcii- , * KJ8 57641 
North Star Group of Companies 



USDofta — 
ZmCtre 

ruaigre 

t»»to-C-»«ll« 


(11210771717 


« 
dill 
JBS 

'vM 

Wtototo n»0 14 

Scrirogaanr Ko wp E w Mngret, Jre-taf 
I Ctomfl Cm*, 5* HHter, Jewry 
SK6 CJpM Fred. “4& 7 

Seoul la te r nat io ortT rort 



093413741 


toJprtoTwiBtre 
SlnOMBod — 

SaMFmBend 
USDoUBobL- 

Slr^oq Merer MUHM 
US DaUai Uorei HU . 

vfahllty Iimstnwot Senrios Ltd 

EJS5tKrJS , *“’J3» 

WretAon Sees. (Buerasey) Ltd 
BorxxH ter, a P«trPorLS«*W. 
USSOpbod. ' ~ 


Worid Bond Fond 


KB mis BdMIi 
KBiaiJIc BiLFdAec *- 
KB Far Em 16 marl 1 __ _ 

KBCJk* |Ui IB 

- pT-fc— * rerere 


m Prwtatodrre tacenrtlarel (Laxrwfcoarol^SA^^ 


SM Mhil 



DU Cumae* Fd — 

Sirrina Carreer Fd. 

So. Frants 
USS Camay Fd. 

VtoCrrrrmH. 

KWerwort Bereoo Warelc Fd MmrtLW 
P0 Bre 44, CtMirecv, Cl 0481.27111 



HAW WOP flUOTJH |M 

Stager A Friedt«d« ^Ldre Ageat. 


IKVT.1IO.00 


a KeUer, Jeney. 

_ JUi2 I 

Worid Capital Growth Fond 



21 NrerSt. B***™**, EO “fl? 
Tokyo To* A».ta »J ft'“ 

Skaadrtoud 

5 1M 40 SnckHM 


016231000 itoogrer P0 Box 190 S1 

I 104 wareCreCiabMIlMHilJ a2 - n 1 


._ „. .... U271 

LrM Heron UUrtreO R* 



Norway Fuad M Unmi e wea t A/S 
SUrerep 29 0154, 0* L JdL M«DD. 
SM laninr Eta Fd — FFr10423 104 401 


kid 


J us 


PFC Intemati PortfoSa Fd Mo«t ty 



lfcfc 

4.43 

04* 


SBreada prerea Fa 
tMMaCratotHFd 

Smiro li ata Fd 


Pacific Basin Fared 

IDs Booiewid Boyrii , Ul *™J5 


09)241466 



Hnt draSag NhKfc 20 
AJeeanden Room fBeiiiw di) Ltd 
P08 1179, HanOtSA, BeraM&L 80929522*4 

S ya a reire d : .. - J 515 1 11 I — l ' — 

AMnce CagtW Managaosent MLJn& 

43 Upper Srowenre S^Londot, W1 


CrenrerAGeUPore- 


BUM 

EB9.70 

44SJ2 

nan 


02lW j K “ John Gooett Magrent (Gnero sey) LM^ 

P0 Bo* 20a a Prtre Port. Goenner, Cl 0*8126268 

:-$H JF& =du Si 


EBC Trust Cereginy (Jersey) Ltd 

InSScal* St, a KeUer, Jwrer 



lerereeFred 

^=z= ^ “ = 

fei zz = 

55^_Jszons -soiu. —1 — 



reST «- A 6. la. Mart, 

Pacific Growth Find 
2. Boekrenl Rarel. 

Marea I* J 

Parintxr Bured Fred SA 
10a Baatoard Oafd. LrernAonp 
NAV 


S24J7 I -Old 


053436331 


3ttHM J » 


053479931 

L44l 1 U9 

KM draKag a* ■»* 25 1WJ 

z Grfndtay Vangmrf Manwenent LMM 

P0 Bo* 414, a HrOer, Jener 

ItoapadFreoFat " 

KtomdUccFto 
USSPMW 


Korea Growth Trust , . . 

Hanaoen CHtam Iwest Tract Mgat Co 

112-1 Inrumreo Smd. — 

c/0 Robert Firming A Co. 1*1:01-638 8858 

HAV mm 1IJI5439 USSZ04S 

Korea KrteraaHoiial Tnrt 
Fond Mai: Kona Invest- Trart Co LM 
eft W**r5 da Cmta Ud, Woo IWBare SwrM, 

lotoEU 01-623 2*44 

NAV Wan 24JIWA3. OR ta* IISOBJW2 54. 

Lreard Brother* A Co (Guernsey) Ud 

TO Bo. 275, 51 Pelre Port.^a*tm*V , 0KIZIXT peTTwtnal yr |togn (Jency) Ltd 


World Fred SA. 

i _i - 

World wwe Growth M Hw g mw cl* 

1 I *«?• - 

pfc „ “ ,rt ^ G &rrt isSta. ua i— 
hi 676*621 yu){cU Capital Unfit (Seems**) lUd 

jsaaasir*® - > 

mo °" 0Z tf2 A,A n W K TrenaWd Oyrenlo WJ Be SA 
si I02B 1J 10A Bookwrt Roirt. ,La««*™ff 

•rwreFd -Mfc 14 SS3SS>ftFd 




_ . Jlk 711 

Standard Bash Fund Mana ge 

111 CnoW Si 

fiou Fire. 


048123765 
aOJnl — 


TH 4791 
*D0d 


SSa-SlSE^- “* F ™» *™ *®WF.nd IM 


H95* 

12226 


I 33 = 


■Wto* , 

llMi I 


f BnFdV — JU10 

LreardCataFflDU J®! 


•Wa pric* InrluOrr 39, preto. (Mp 

x£sr 


Sartre Ace_ 


us IMhr Bnmn Hot 24-10 0-000909 PUSKtaO 
MBcd Bnohar International Find Mgrs.^ 
AHad Delta Mm*. I 



AJ.t.M annul lal — 

AJIJ.lWCmecrii) 

AJ>.I.WortdareCatz> 

AJU.M* tore 604X1 
AJ>X Far E4B III — 

AJLl-SdcfreiakOii 

ARM Irish Find Manafiero (CQ LU 


•OBh prtor htaaiH M preto drew 

h ri a r aa Uuna l Mugt Ltd 

P.6. Aai264, SL HcHer, Jersey, tl. 053*7^48 
nm tan Pifcar to ta. Ce Ud. NAV Han* 6 n3L 


20X677 

251306 

560761 

W.7B5A 

StOO 


0534 742V 


daOOOnj 

i+o«Hii 




Lured CwtaFOSF - 32JC 

La*araCiitfte*FdFT — . 121.71 
LaraM Car Rft fd DKr - 151 0 
tiered Car Bar Pd NKr . IKJB 
LanrdCreRrtFdta S1033 
UnredEoapraa Fuad. OT 15 

Laired Fre Ere gl» 

Laired W Cap-- 


LarodNtfcto. 


JB 


1253 

1X41 

H 

if£n 

1521 

102> 

106C 

All 

mat 

2503 

2007 

123U 


Erofmd Invert ««*«•*« ( EoeroseiO LW 

Mta 8fc|6d*nrt^ .cre^hton 

Eertty A Law I nte r nat ional Fmf Mm Ud £$!lL .ZTEmb x^ - 

wh?Hv. PitmiMl MIH. Doaolas 1°“ 8*04.77877 


wwy HK, PmpKI HIO, Doagta. 

tssssfedsa 


LreredSretoWL lEXUO 

Land Brothers A Co. (Jeiwy) Lid. 
P0 Bor 108. Si HeUrr, Jtrwv. C.f 

Jsfiwln had BOJft Jo c 

Lured M. to llnc.l-7® 28660 

Laired ire inti Air I -RiSiSSSi? 

Cap toia Bore -|K«? 77 2W1 

5&dBardllntl — HJ-g* ,fl 

D*ltod Bond Ito I 


1IL2 

H 

31 

?^6 

u 

112 


000 

am 

BOO 

am 

u 


059*37363 
' o.M 


Carton 66*0 T« 
UK Life 


EaglrMsF. Don M.S1 
Stream Comer Fd- 
MuHOCdCrertMaF* 
Oo5t*i«n»' 

Asset Gfohol Fuads Ltd 
s Hs, Mona St 


= ^(J^r Lloyds Bank (Cl) U/T Mgrt. 

, POB«195.EHita.J*rurr 

h « mrtiWF— -Kpgw, **** 

Lire* Tiuh CIS JtlOre 


SI 


01-203 52U 



!u7i 

' 1 ■ oraTi^ 



fl 


UK ProvWert 

IIK Hoase, Certo St 1 


ill' 1 

T7* 


■ft 

Fa=^=' 



ft 

PemUKEipnr — — 
jrenwtmx. 


-"i— 

m 



ySPlSSH 0722 
12BJ rtL< 
U63 

uu 

til l 
uai 60J 
1B9J -OI 
127J ' +U 
169J *2| 

1384 an? 
ii?4 +<U 
1«j0 +J3 

. iia; - — QJ 

TIXS 402 
10X3 

135' +15 

19X5 wm 



TO Bo« *y», St Heto. Jersey 
OndwrUditoOiFd — B072 
«to« to tom FdZ -E .461 
Oflmrer EnretfraCor -FAU 

IWnreEawaN — 0-JJ7 
OHarerr Fre Ewa Fd. — 11.44* 

Phoenix 1 at* relational 
TO Are 77, Si Prwr Port, Guanwy 

IMre- Mar Fund »UJ 

Far Ere Fired— « 45 

IMI.Curmcy Fad g-JI 

Bdire TuL Ire. Freid SSXO 

Star. Ejrenyt 6w FA __ D43 
Ureuqrd Frett 191 45 

praaimn Life Interaatlaaal Ltd 
TO Bat Ml, Si P*tt» Port, Sumaiy 

CIMreiagidSirMoB— U3SO l«fl 

KS^ta5.w“p5S 5S| 

SSSSSS Jisja 

fm reure !*»•<. Ito (reni »»«*4 




TO Be* 20A. Si Pet** PorLStoBSW 

7 m Bud Fuad. W2-47 


0481 
1WSI 


tfi Money Market 
'is Trust Funds 


Gr EauM 

MK CAR W» 


- 5*1 


SrerfOg Mreoqrd - 

SSSSaSfiHSRS ^ 

Ha«K Ltd. 


KKsriivw. is..* assass£Sr , * ,B 

CAFCASH 7tor FartZBa58 


Charities AM M Itanqr M«9art CoL^ 

n m l iSf>n*li 
Mil llfcll 3tal 


Inoesta 


- <BAU»ISli*«.I>a«Bto. loM 


StmqWdta 


AmCmFil.. jfc* 

«.rd.._r 


“1 


CAFCASH 7-rtf 
The Charities Deposit Fut* 
2Fre* Sum. Lon*" AlgTSW , 


11815 


DrtWdl—. 


«M real Ire rew I* 1 


048171374 


TS8 Trust Fuads (CI) 
26HHStSlH*U".>«J,tCI» 

TSBCIK Fort Ltd U07D 

Tsacv*UuwW4.nfliii ,S 

we B!S£te=ff , 4--S 


The Money Market Trust 

63 Up Victoria St EC^N 4SJ- 


0594 73*94 
I OBI 
IOS1 


Oppcobeimer Money 

153 t* Cannon St EC4N ME. 

253 caeru &o*> 

954 7-taF-d— — P*" 


IXSatr-Mm 

salfcwm 


059427561 
. I 030 


io mi 


J 1034 


Prestige Managment SA. 

20 B-Oidnard EmnremnH S*mh> La*. 
Ffck Piro itot»4 — I **&?!, 
Fr-mawwIirertiO— J FTiOOOO 


010 352 2190! 


BIA 

IDBaarantnM 
lavMlfcnkl 

BMP hn Mfinnt (Jersey) Ltd 

»Bo»l5AS»B»n*r,J***y 



sjd Lloyds Bank Geneva Switterian d , _ 
1052 1 PtK* Bct-AIr, CH 1211 Genrna 11 iSaHjtthnD 
35? Trt: 010-41(221 20 86 U rm. 2941 Mr Kin 
Z£3 ■ I— A re |u>| BoMn 111^0 I1B-71 

u* 7 u3Si5iESi.=|ngJ 

UopAslKTlGrOwM 

- SSiS,SSSrt=E^ m 

- Lla*irilnnP»tWc_Zr&lOT* 1J 

- i lor* Ire Smdtor Co« —W1B53 19 

tag Uoyds Inti. MtnqrJ «»*** Find Ud 

TO Bov 136. St P*trr Ftort, Ganns** 0481.24983 

totmun Dollar 1 375TO 

»462 


Fr-cfcPmf HarrtiO 

ProvMence Capitol Interuatioaal Ltd 
PO Bo* 121, St flrw Ft 6a*flta 


B—, creul FreHto (FqdlM Ltd . 

4HP 01 623 2410 

q *MV M tmLMto. 'OR 119919.54 ito 131 


0481 26726 


EUKFa.M.. 


12072 


CUKSduMU. 

L SOB to*— 


ISaciH* fifcfc? 

UxntorlW — 

SIM to MkL 

S 1*1 Ft lid. — — 

SDdrl 


Sind. Comer- 


E WId !•».._ 

N. An. Slk.HkL_~ 
IVdBtFreid- 



15-16 
3J3 
2245 
1048 

... . 279 

ZJ U3 


Sam Franc tad..- lb *59 

[ Earaaraa Fired - 

US S HonB Kenq 
Jap— Fund 


JS^SatiSSiai , iA ,m, 4 wlIta * ®* 1 n "*" EC4 

01623 74<M 

NAV S64B I0R 


Money Market 
Bank Accounts 


USS1B.M4 35 

Target IrturoaBoort Mauagoww* (Jersey) 

IfiSSSSUri-zUdO n ®™ 1 

The Thailand Fund 


Adam A Co. pfe 


GrEaub 
to CAB IHCr 


22 ChatMeSq, E*ta*.EK24DF 7j3| 


- tore Groan* f 



IMlM Cto £5.000+ 

AWed Arab Bank Ltd 


“sa^a 


HICA.HICUA. 

Bank of Scatbod 


Vuhrofih Ufa 


hJiren Baer Ban* A Trart Co Ltd 

aar 

viSSStafJ 


TO Bo* S3 92, bad CayaMh BWI 

— mu Erndtag* fared. — I SUA3 

— GAM Erediao* to to — I 


- BSSui 



1W Loodou Interstate Fund *M« l** 
JS PO Bar 86, 5l PHre^Put 0*-rwn0481 26521 
s s Ldnlroiat* 

"SSEfesasttr - " L “ 


6, Si Preert Part. orenww»> 
MirCII—joKrlOU 1045) . .. | 
I liwO ii.ZEniiou 111-4* - -I 


Fa o* re rrten rno 0481 767269 
Pndontfal InH Finance Services Ltd 
P O Bar 61. St Prtre Port, Grrenwy. 


.= ^ = 

SSa=3« .BB 


EuraBfe Asswuaeo GrtUW 
s-ll Uortfcu* St Loreto WIN 7RH 


SMrtregEreutxredFd — I 13X3 
WrtEre*udW-~4 3323 
m iun l re ure rud— — I 1142 


z Kambrus Bank Ltd 

__ 41 Landon. EC2 

Hamtara Pacific Fund Mgmt Ltd 
2110 CoanaagM Crertt Hong Kreno 
tonlrea Fd Man* 1 1—KU54 IfJTj 

1 — SEAM Fd Mta »1 — £JL 

— J — JuanFreWSUrtUn— 5*3 
. ...J — J*an Ere Mar 13 —B2L77 ZJJH 


01-5882851 


MFM i m 

24 Bd Pom* Chkriodr, MC 98000 Uaoqi 9350 

•“i^JIW JKS d 


93501055 


01-6310778 


d=- 


ataflGrtkFd 

MAG (Cayman) Ltd 

PO Ba> 706, CarVbal " 
AHUM E» HreO |10_. 
tasnllre E» Uirrtil I 
(Md E> Manx *■ 
l*mm. Urtsrl - 




*™“ “MSS ££SfS£&SK“- 

MV to. S7T2.4M67 IM tan U4SWIH37R 
Thornton ManHemert JAL 


Hearer WdCfaHM A*. 

Barclays Prime Account 


?.iri 


oi-6a 8060 
uusT mi* 


essiassfi' 

- — Comer tad, 
Uinainl Sintoo 
MauordDoto 


16 Fintav Cfaxirt. Lreta EC7M 70J 

i»n ... 520 17 IlJr 

tonal la Fred «^4 n 

Esubtetore* Tnnt - — S2JK 

£ 3 

BnSff.-fiS 

lMr.FyreX._-— 


01 2567213 


DU Onto 

SUIFrDwoUi 

J. VM Onto 


Z us 


a m 8' 


S24 



*ij ' — . • The B n- ntok 

- ' — '"imrtriMwH lm A Trad Ud Om Atfrimil 

HU — - BKT_ - — ■ re. ii Ttatond 


d = 


S4L Europe DhBgatiunsSA 
9 aeon* dn ta Ubfitr, Lni rei liK ii O 


Hambros Fd Mon (Cl) Ud 


' IbwF 


048126521 
X94 


EC2M5TA 


S- = 

Trt Co (Jeney) Ltd 
PO ta 1» JW- 


S7919 

Enrupe Prestige Fund SA 


US- 


Saaoaltoxl— a — — -5:5 = 
Strto lucmn* Fired — 0142 
fuyu— mem Fund. . — TI OWI 


37 Bo* Notre Bam*, tmremowg 
EuM fciWrH 1 Cca2B.92 


InL EuK) - — 
tocrSncS*. 
oaSannciFd A 


54475 


81-081661 


- Bantprt Seandhi ave Fd. Mgi». li ^ a1UJIIIOAM 

— to Be» 198*, Grand Cajtta, BWI 

33 = z&S^SS iS 


to me ( Chantrel Htantfe) ^ wtatoFdi ».« 

He.9hurPmEto«T . 0481310911 arereEtoylue-. —tHi 

- - * - Tim*. ux2oi ! — torereCmn — _a7Ja 


CoKunt Fkxrd Imrm'lCXTb 


uud 

unffl 

95J3d 


is 


MAG Island Fund 

TO ta «4, St »«** PootantaF 

Zl'JBat 11»« 


048127111 


+7 


xd iso 

z3 150 


Sa?*-^ 


Windsor life M Co Iff . 

BsrJK=ei" - a 



i 


-• M 


MtotaUta — m 
IL tore Fred-— 




_ trenrenl _. 

— Bnhfi Onleura taterauhoort 

iarertosCrCTtS**mto,AT»* 

WS3==S»5U r S-4 


d = 


072741122 


3003 


868144 



052140830 7«5fa*m 


UtoHC , . _ 

■ lloHIK EtoWlm_, — 

Boring Frnri IU»a8« (Gnerasey) Ud 
P08to71,9tPaw“- J 


048126541 


UJ4.4S. 


WLLiynij 

MANAGEMENT SERVICES 

5^00«_ 


TA. 


fr-rn-0 


MSDPT- 

2S8£MijlB- 

totaPMlSaM 
ArtJWMOyjJ 

Sase de v «« '*?%*&** 

I7H0 ktortim. 




.WGJ5 

Euretax I n o eitmtn ts LM 
1 feto Street Ptata Me * 

UKAvremmStAUta 

Emtoirern hfca* ltasd — - 

P^Jl54 MltoSw tBwmida 0»9-295» 7447 

FniF«flMare66 *14X2 1 * a > 1 

Far East Growth Fund 
lOaBodnre* Royal 

FteEmErtM* • 

0aitro3320X PO ta 670. BraMej Miuwl* 
Jtoretaato«W_-jS , 12«Uf “ 

SSiSr^i, 

toaatolxl— H” 1 

S Bond FtaW “W* 

Huowy Freid (X) — < 

OotototaTicJU 
FreEtotrt 


3 : — as 


USSStom. — 

c tangw So rai 

US > M aa awo l fc n ■ 1 -1 | TI.* 37 




UauT 

™ Man luternathwrt Futures 

63S s OB ar(bi».Lo«*>TtamnStLotoin,EC3 0 

7 jg B8M31 ho Yto (12 912 BTOO. 

, T SffitlSStEj K 

“ a'-wri is 

1065 RSattagenuHrt Intenrttioul Ltd 

Bart ctB*nno*« Stop Bermuda „^ roa29 ?* W0 

ts:i ffzn-"J?s SS v ' 

»”!§S MsdjHttSI 

Tm.to JL.«ta dreKa H-rt « . 

Bda tty U SjMpt -sr— feiy 'iia - { 
romtod nfcat* 101 — W03 lure -- ' 


toon* iA4 
GraremlCa 

Putnam International Advisers Ltd 

UHZCerirSt Loreto W1 . 01 41? 1791 

R’ffi%L-=d Big 
aassetd 

Guautnm Fd MV CiMTrao 
117 awoprto*. L 0d*j".LC2»*3T0. 

thoniwn Fired -- — -. JS144.9 1.F45I 



TOta^N ordtocya^ 


7501 


0604 


019X13313 
7 at iBi.ii mi* 


soo 

32s 

an 

1000 

]» 

tubl 

781 

ItTS 


Onun Marla. 
5«re*r 


Jrerrerld. 


+0D1 


01 233 2081- 


585 

3JS 

xoo 

140 

97B 

110 


01600 4177 
I 140 


I 


„..IXH5 
1B7 
3J6 


9«A7 i — > - Health 2000 United 


Mandn International Ltd 
40 Ptroaod tee. Bato^bj. K*e°* «». 

— H07A 


WMBnytmi Mr*. Unto 5t » Hofier. Jw«* 
nttaMOO 1 SlX0« 


Ciii .=: 


_J Fired tn. 

AiMrtanhK.Tu.txl- 

toBLto.TU.til_ 

SFtodire.ru. tri- 



ad* 


Unto 7000 

_ HeHernp SemufinaMii FiMd ltd 
^ *47- 

Henderson Adnda. (Gnerasey) 
U40 poBo* TL St P»4n« Port Owmey 

KJ P8« >“® 


_..J 


0624822091 

11JJI -I 

Manu f act ur ers Hanover Gaoftnds 

SSSl 


tbreniwn Fired 
Guantus Fund 
10a Breilerard Rortl 

(Banu* FrertNAV i S1S« 

OnMetfHrtnald Cammdltiro 
31-45 GreUsto SI. lento EC2V 7LM 

HnureRnFatoNAV. — isx'oxfl -J 

Hnt drallnii drtr AtrR 11 

Goiter Interaatliwal Managwuert Ud 

Mta208 5lP*i*iPort.Cu*fi«i*y . 0«l 

asESS^is fm .‘i - 

Quito. InttL « Arere jSl 77 Mil 

BothschlM Asset Management (Cl) 

SUxlUiFtCtCitoW** 

— i»5| 


HP Dollar — . 

Vn 

StretM 

SnHcrnnc 

FiwcfaFranc — H 

OH 

iMBduoM*- 

Tokyo Pacific HoWings NV 
MmK IfaMta Co NV. FjraW 
NAV pn W t1« ™ 

Tokyo Pacific HWgx (Seaboard) HV 
InlinM ManJtanroi Co NV. 

NAV pa ■«<» SI3550 

Top Brand Fund lnt*mationai 

IUWT' TO ta !<«, 9* 

lonUrtoOrd InH NAV ' * ,1qQ 1 

In. M H"*»r tafc-to !*• H"* 

TransworM Bond Tiust 
2. Boitaartl Nmol. 1 

XlVMkdill J 51175 I - ||1 

Tyndall Board Ian Maoaqer. (J»««y) Ltd to-,ta.»ro*ta 

2N(irh,Sl1VII R , bMM iu-1 B. Cnnn to l I 

lorsx -- — - 


Hdfc ire.CfaOtu* 

Benchmark Trart Ltd 

9HtortrttaPUe*,WlM4l«X 
CtaOreDWtolAre B.75 

Brawn Shipley A Co Ltd 
Foonta Caret LoUtot, Looto EC2R 7HE 

2^-iAtt hOM 7A5l 113d 

Charterhouse Bank United 
1 PMprmKUr Here. EC4M 7TJH. 

Swdreg “IttaP 

USDeU^-- 


01606 


9r. 


■SLOT 



053* 1*715 


S^« S iri!lKnreun*Grtnr Dl-Mll® 

rasaterfST- 

Co-operative Bank Cheque A Save 

I860 Condsn ECJ 01626 6543 

BSP.™ — rriiA as: 


.0071 


Daitiaqtflfl A Co Lid 
Dreireom Tomes. Own T09 6JE 

mm MM Are — -H0625 

Henderson/Baidc ol Seotlond 
38 TwoJdiwren* Si EC2P2EM 


0603862271 
1M UJ3 Oo- 


□16288060 
Till 104SI Mta 






048126741 
0*6 


D62424U1 


LAto- 


LASsEf- 


_^[£3zS i&Jrt +ort 

ZTSlWJO 167.49 40.121 


OCCorenottyTt ^ IK 

MtoitaW— HKim» jW. 
OC Hay* UK Cm Fdtt- J6U M 


.__ aS»l l»-tol|JBI6 

Peril ofco Sri • Areffore flW* 

ParttoSrt ["ta 
PWiWreSrt !• 


172 

OJO 

030 



0C1RIC. 


048126541 MhBaud Bank TsL Corp. (Jersey) LM 

I LLOD ZB 34 Mill St, Si H*n*» L J*nrr m™ 


0 s 

„rr teeAGtotiSPnao “jm- 600 

084 mji inmnrf *— *- — JtUD 0- 

Honderaon Management SA 

ai n ui hwi i E i i h—msi S(yfl»V Uu. 


»>9nraai f aito.wvjw^, . 


Hi! 3* HIM Britannia Kritn-ttoto L^^ 

Z~1 10« TO taZ7XOnwwav HdW. taro Stw*l»jnew 

uTroto dto tor 


05 3* 7 *J®J OCINLOFt, 
>0-76 OCIRLDKi 
DCIRIDH 


5.16 




JtodtaFrert 
SmStoCK 
PaodkSnbta 


0 wn 19 

“ft Ibna.ll timjanirWre 

20546 | ♦0D»| 1081 

22021 
«50l 
50.97 
195.466 
59047 

m 

Z2&00S 
117.7807 

ieS 

H31I0 
38636 

751460 . 

1245226 UOratWOWi 
-192471 4J2ZUSHie»5V 


IMnnJ a «■ U"-* — 

GdlFd ; - 

(koreand. 

BraraBtor^wo 

(Accon Shrend. .— .1179 T 


105 I 
4dX( 
2861 
195! 
150 < 
1917 
270.' 
7421 
6705 
I2*jre 
421 tl 



Id ULD 

u fm CwwrtWe Securitie s Frtid 

" 4Cml - Stefik; 

sreitreoCtotafi 


itatoam ta* 

NAV Marefc 17 ‘ 9 s * J4 1 


17 4868 lBD?7b3 *001481 6*0 

10372 40002 493 

15 mi 4flQl< 14.94 

2D 498 *0004 635 


^toBtso Mwrt (CD-Bantofitau M 
Wshopsgrte Ci m m n d lty Ser. Ud 


= *» BS*»-as«i5«^r= SSSL^m. oo 

SFrCrefaSrerTW c '-’ “ 


El = 


CQ 404 5766 


. skskEIS sa^n 

“ “"SiSiSSto^ LfiSuflmtodfc 


OrtfOi 

Capital Serrtcro LW 


Fmhe. Secmttles Management Ud 
TO B<w 887, Bitol Crrew «Wt 
Lftam Agantc K-8393013 

aw f*"*- — j git V 

rto— ■ ; all 


40611 14W 

4Djm so; 
♦061 448 
+0655 UL» 
+060! 362 

S Sfi 

+14 BJ5 
+06041 2U 

-ass 15 

514 


(Area* 5farer«J 
Tyndall Etmnfiaa Mugi Ltd 
PO Bn 1256. Haodlto, Itoireto 

TA ta—*n r g8.J§, 

TO Herttao* — 

TOOtoVto KVR 

TAPtof-^ 


121 9 

197 U 


83 

029 

094 


Lepal A General (Mimey Mogrt) LAI 


nituam tad. Nwi 3A£ lM 


H«re I* CHato —HOST 

Lloyds Bank PLC 


sassiaass 1 " ^ '»“£ 


450 
450 
9 as 
414 


0742528655 


JHEEEdH! 538 SB S 


TO Will Sn*n 

T^GOH- -_N967 

Tindall latenathmal tewreane* XM 

Alo^«w,aPrereP»rt,R«-nto, 0«T 

tonnanreni Foreir — lijlrt 


Min Samnrt Fd- Mogn. (Gnerasey) Ud 
Mta l*. 35 Hto ft » tawr^g, 


DaM 

Teto4J«27*TH0O4W«9 £"5, 
Trie. 912250 let 4131 Z74051 treiw 


a=Sb!-i 


■- * TV Brazil Fa Frti 20 

- b553»E4HMW 




mi- 


*5 


14-19 0« P*«* "V I 

1A* Unto* tuw. 7 HS- 
Ss 12V 


0482379 U 


Bri*- Mamemorf Gnerasey LtoHaMOW 

to bw m . a PBwr »! ff'«r"^TjS 


- -SSffitBriW 

Z Bridge Management Ltd 
GPO te 590. HW 


1257 WSl Samuel Imrtrtmrat 

« SSSi 


J 2» 


jrfswojBi - 

- m mmftota* _ 

reto 


IPSGWBWjJi' 


wssr* 


e 3 $s& 


1217I 


i 1 = 


^ Ke^p SSlK, 

S sawsteH 

n-nam HI RrereHal Irtemattato _ totohto -ElIOO ' 


johtrara Fnr Pte 

o» 6na i HS ** 



, , IQnEWlVbgrM-- 

S£5 m 

ssa^rjSiSStouwuuHt. 

tosaretojg.-^z: ISe 


099* 




n, * U0.74S 

PresUctrerer J7iy 

Do 5 


♦06U »6* 

♦MS SS 

+O000 365 

*D.aoi 672 

♦5x3 66* 
*0M 7 26 

*■*" S3 

lilD015j 1.97 

5.|£ 
40X1 368 

163 


mxro 

Fqrtre— J2I6 

DoS h-ITS 

UKEy r — — 

(ir«w" Etoif 

Do. 5 


^795 
JU 

to»_- ^ 


S Mton--w.- r _p 7 7 

D Cs P ^= : -llS 

■BW^DnMOl 8*5 0 


tttWOMUBtaa 

CWy 


Rothschild AnstnJU Asset Mgmt Ltd 
17 ftzlto Si SprerMO- *»«-“ j 

nn*Arrm*aa.E»_h253 IW» 


GNiTniaM 

U$ Ftondal InO’ 

MIMLOWNAE 

ug -]“£ 

“^CSSTSSSTfEta IWto <H»t*H» Dr— a 

Minerals, OBs Res. Sins. Fd. Inc. 

PO Ba» 194, SI HfUrr, Jrrwr 
u*+i UMTh 12 — — JS17.70 um 

MtdB-Cutrency Band Porttafio 
2 Boalnartl Rwri, UiluHB ^-*.1 

NAVIMU— *<nJ til-® I +U D| i 


nwAnOM 
Royal Bank ol C anada Fu ads 
PUG OH***™ fond Mreogm Ud 
PO Bor 24* SI Pm* tot to"” 

tol Ibw F0 JS1360 

(ntlCtoUIFd 

UrutonoH— — 

Far E»a 4. Partite Fd— 

CrentoFX 



M A G/Xleinwort Ben son 

Midland Bank pic 
PO ta 2. SfarHWd- 

M.IJM. Britannia Ud m VW2777 

is* iS^? 27 ^ 

KatWert Specto 

41 loHrtziyjLoHtol EC2P 28? W^6 9TO 

MBRffiSrdtt* 7 iS SA £ 

Oppenhctmer Money MgmNt Ltd 
66 Cararni Si £C4N 6 AE --j 

Hrere+rom-am tm«5 7.wi 

, J70M> ptaHUns A Drew Trust Lid , 

ssaasaBB" - 
ja^“SL^a*- ^ “is -s 


01-23^1435 


fh> 1 5 750 

SarFmd? — * ■'jjf 

toiirei- ■“-‘■Isi 



“ft ^ 


Save A PrasfWriBohert nemlag 

1* nSifiS* 

InmiMMVmorii^.^Brtagt ^ . 0XT21 


& 


X Henry Schrader Waofi * Co LU ___ 
EwmpS Hoot*, PonsKWh ^ 


O^r ntiJWI wrerorilius 
Western Trust A Savings LJ*™*™—,,^^^ 
nre Mowrcrevre, Ptrr—tfc^ 1SE 07S2D4101 
NtotoCfaqAc*- 


.6025 


766) IXld 0* 


Wimble don A South Wert 

^ a® 


Hiqfe fat CNraur ! 


Btr 


I5rt 


Mtoroy, MriMi flw- 
163 Hope 51 GtoQO* oei^a-ws* 


Formosa Fund 

eta Mow Gtreri* tab IM ' 

Oversous Fimd 

♦03931 060 


112 


Jmtalta 10 
gSttfetoUrertll 


177.36 180.9 


014090271 



Capital IrternrttanM 
Stahoonl RomUto 

usaa^nd 

ChartwboM B»* 

1 !SSi S _ 

t£2~y~!&F*' a Smnm 


MEL Britannia hit A » Ltd 

Attrti Hoar*, AUrt SI taoW I - 

tgg^B 

UK I 


0634 20924 


- Frankfiot Tj^. tav^ Grohli 

as 



■ol Giofart F ads Limited 

= ‘ ,a “ri L ^S661 Trie* ^-CroWj 

_ S^lS^Hx^tat. a.^7447 

4000 HAV Mar 2 15533 SE2dtaS2l_-aaJto — . - ^ M 

nc3 _ re lum I M mi I-- M IR ^ Gwci Fd 

- 01 — Si.SS.'gBSli! «•.«“ 5SSK!^±T^i4» I — 



■ Vra. 

IFuad. 

Royal Lite lotL Ltd 
Brtdo* te*. Ostwnw, Ito 

LaareolMLFd. — ; — 

mbreoilred — _ ,J W ,, 

RrenH-d* Hngefa ax« *■! 

BorornhWH-tr— r ?£? 

Kara) Ul* UK E •« — J ™ 

Noral Llfr Aarefjd H346 

Rural LH* EreaFd - B 382 i* 
Etori Lrt* Far Eao F4 - ffl 513 


0674 B24151 


;sr^Tdrz_ji.io 

Royal Trust Fared Mngt (Cl) Ltd 
P6 ta 428, a Hen**. Jrray. 


I rt 462904 


gad 


GanSirtTo. 



EHEsffi^W, 

t»"» realrea Han* I* ’I 

Royal Trust tateroaUonal Fd. 

POBw 194, Si H«6*r, Jresev (wu 27*41 


Stofirt FdiieFdFrii 11 4g} 


❖ 


Sh. •<r JBr 


SfgXS. lh , 
SSlHS^^fbwi* I? 


00 Z«200 




5 J£ ! SS«p«^ 




***f "SSJSSB** 

m J .* = 


I 1041 


ESsSfe-i 


ST Asraa BK Ortbld— ) 

CTArtaMIrt 1 



£5 SSS 5g£3Er*h& 


+0JH21 





W — .. 

71 LoffSfln w* 

Bgfc 

aAto-Storgwr 


CUL22 
S1G16 
W*4tL3l 

sp,3 SA. 

PFr 10X46 
1 tw20rtB 

= _ 
- VreL toWf— 1 Tin 

if la Jid 


SssssiffiS^M 

S823S8»=H 

ETtWrerFd to 




GT EbW - , 

CTEurtJ5rtr.g<ri—j 


CT^cmaFdW: — | 


GT 


-064} 


232.91 


S236S. 


35661 


The hdla Fared 
UTO Trtrt of ladta (PortfoSa MoO»rl 
■ft Morrfli Lfto. WtamR, EC4 
naV 949 aUB Ore I 


NM Schroder Fin Mgmt InH Ud 


Prior o* Mart II N*rt 

SCI/TECH 5A 



&h3Q 

H. fc Tyrrell A Co. L« 

3 mpnorp Ptw. 

(MK-rere- — — — ninm 

us Federal SecnritletFtmdSA 
2 Bouiiwrf Rw*t. Lmrotw Jrt.9l9 , l 

US Index Fnod—SICAV 

16tal*«irt«6>ml.Lirero6o»ro. 

HAVHanfaO I * 17iH * 

US Paclfie stock Fnwt 
15 AWISI* EmK* R"^. 1 I 

NAV Haifa 13--. 1 

UJL Treasury SeemiBM Fund L 
TOtaOaStPelrePrel.'farojJ^ ■ 

ia , «usa£UL , f3 „ 

sesst.^ks'- —“fa"" 

UnHUe AwnroraiOwneMllLId 
P 6 . ta 1188. Mtota 5 51. B *T^ 

SrertkqHaaF* ftJ-S 

ustwreHMN. — -ffj 77 

SHtsay Fwd ire Fo.r~E » 

usdX r I red to rxZfivm 

ECUBMl^d — — lEodl Ofc 

URiBD-linertJ«trt^sell»cbaftGn»bH 

- 11.767 D 6000 Fraridrel 16. 




NOTES 


S^TeSuta i 2JS l S 


touror' H Today's 
md. g th 


Breeze 

rs ooening price, h DWriimtai 
Mafic preaMm wreranc* itos. 
"' e,BC Urred price rechxlasril 


048123021 

<atrt 

■oiu 


d E -J wared. 

Ire* ol UK ua*s t _ __ 

V bHered prra 
ESSTSwta H bOTOH tiroto rnmmjs. 

1 PireHawda/siwra.l tamsey ywx * 

9 rreM before Jre«9 Wfct Ea-ator aKw. U _ W 


durttaM* bota.9 Yield eotprenefs 
monad ram ol NAV memo*. *d e» antOmo. 



TRADITIONAL OPTIONS 

3-flionth call rates 


Portari. 16767, D «» 1 ^"1, 
unto* &£!& £ 

so 


Bo* 27 3 Bt Pet er Pnrt.Suww«y 

01-3820993 LF^dlSS — 

«ro> 


048128750 z Bretored Royal, IrertM 


L29 bdnns Arta Invest Serrices Ltd 

^ tasyaat=d “ B 


HorttaoFto 
Joar Marc6 13. 
SSoder PortfaB* 

AoncaaFd. 

AwrtcmSreatoCet. 


BUS 






+03Dh 

+034J 


firussmrGbtfdWJ 

G»ta»« FM ■>£« tdh. *0Wb 

2 Si Mary Art, 


, EC3 


014231212 


Polflc Grid Fred 
NV igtartaheer 

“ 1 ta to 

034 international Bond Ihrt 

— 2, Booievart Royd, ' 

3-76 (XtCANAVMarcbl3 

— imu RHAViirettU. 

” IntenatioraJ Spec Mty F imd 
10x Bbriwart taal Ux«*to9 

■ ..re _l *LU» 


IStad 


Gold 

homtayPto 

MtnoUoiniFari— 

Jure* Fired 

Jjcw Emailre Cot — 

SHonSIUMlai. 

Doth* Ftarel Mwred. 
Srerttos fired ha. 
DntKfamartiCiferw 
(MUr Corny 


468 SCVTrraNAV 1 S17 8* 1 

ig Sabre Futures Fund Ltd 

“» Si3£2!r±35S^ 

Same A Piospev International 
TO ta 73, 5t HHier, Jrivy 
Find irtreori Ehrtx 


^SlWOflCF- 

uire T * 9 ** • 

gSBe^*®* 

JgSSdPmto- 


51-2368070 


113.9 


e«t«i iBtanaftH- 1 

sE-iS a 

SSsSCm-' - j ‘ 



tsKJxm 


352,47991 
_ J OS* 


iBvestauneirts AttagOg na S* 

toSlJ ■SSXZZSZS ta 

i sasasMw^ 

Isssa^e ,ua 

, - JanHne FtemtaS A Co. Ud. 

+flSd GPO Box u«a. 


S 4003 ? 

Sxaradre Uf* Atm 

Nhyd. Conor life rt 

t Flirt id life Fd 
l Emdr Id* Fd 


1230 

607 



United Fund 
GTOta 990. taojtaj,' 


SOHiri 

Voting Fund — SICAV 
20 , Baalrewd £■■ ' ‘ 


“SJ^Stetro.Trjrt LM 
>~toi Fuad Hre 13 — ¥50-|S 

KSMfiSl' MKr tol LM u 


SKrlreytanonQ— 
YraCi 


[UaMrt 

05 Sltlu 4 fd~— — 

tSud-aq 

U5S 

D Vat 


r *0 SI 17| 

05 JB 
U922 
0*186 4? 
78,901 


SFrertire-UleFd 

SEoirerljIfFd.j, 

E Hanaoen Lrf* Fa 
Hart Kb< 9 UfeT* 
■Pmxt Hart 


JKU9J46 

I Hart dnare Haiti 18 Dady draaiy. 
Nat Westminster Jersey FA Mgrs. I LM 

23(25 Broad ft Si Heilen Jeney 053 *|™!J 

G lit Fort laKri JS76 , —I 3« 

EwmrFdUlUl Jltfifl lTtO 

■iHl.BmdFdtaKi*—lWJl W 
-Cur HaiWM NH«ei 6256 Ul^.. 

•ta. dw eta lhp»- 'S'*- 8iy «°*f tab art 2«» 


Dtynrt Fort 

SHfiiagDetwn -J&r3 


TSlM 40 ll 8U 

Schroder Mugl Services (Jeney) IM 
PO ta 195, 5t Hrlier, Jerwy 0534 27561 

Fundi. Ltd , , 

> nxso 


,_4 203 
— 1 7 » 


U5S- 


D-Hart- - 
Somlram- 


Ltd 

199163 

~ 4 

344418 

- -1 

59 4402 

■ ■A 

573534 

■ \ 

394425 

J 


S » 
318 
2J3 
450 


rtore r^Mri 7~ WT 118 n FllRMl 

iSjrT— ^ 

■ercury 0 »«H« S*W“i 

ta— 'F-ari.. »11 

O-enwiFto -fi', 1 ! 

EaflOH*Fre>d 

Jito Fui 4 - fi 1 

NAoununFred ft' ; 

Poole Furl...— — -«j' 

Utd lunflOO" Fred— • -f 1 ' 

era Fort. —-- . 

Mercajj sew**" Tn W_,, -.—t 
aouiFurt-- 3^ 

jKSSSiT^zrllsn Sd 



art Semrit, Urtmfaowa Brit Aermpace 1 

naV ureca 10 Fm 99 mi Brtt. Tatecoa 1 

Warhorfi Investment Bamgemrat -tejin LM BenonOrd 

J^rwidSiSiHeiie. Jroor.Ci ®34 7871S Cadburyv— 1 

Mrre tor fell 

i ret Man* l?~ J L” 1 *- 


I777J +001fl| 



umuroae — 

Legal A Gw — . 
Lex Sprite. 

U or* Bank — — |; 
Lucas Inds — 

Marks & Spencer -|; 
0H uidtand Bk.— — 


Morgan Grenlefl ..JJ5 


A selection of Upborn trades Is givw m the 
London Stack Exchange Report Page. 


t 




- to--: v 





















































































































































• Com does not *Ho» to rtwts aMdi may Un> rank to dUMcrrf M » 
limn *». Ho HE ratio im H owKML 
l No par niut 

BJr. Brim* Frwes. Fr . Frwdi F rans. »YWd taied oo Mggg 
tfMdnZ bFIgorB j [ C ^ 

k nss 

1« I Lwkl'w^il'aS^SnrrtSraSiclal pmnem: CSwwdees not m* “ 
125 | parocBL A Net dMttoa ad yield, B ftito ■* ** rt J*!g* * 






































































































































































Som^BrnmoneyPUbBcadonat^S 




















) 


% 

*-V 



*■1 - 
i' . 

■ 

i* 

•:* 

Ki 

*: i 




Vj'v 

(*■ 


ggcial Times Monday March 16 1987 



Monday March 16. 1987 



31 


CONTENTS 



Documents and parcels 
are. being moved faster 
throughout Europe by a 
variety of companies in 
; ; - — - fierce competition to 

win business. Powerful US and 
Australian groups are pushing into an . 
expanding market and strongly 
challenging European operators, 
increasing the spread and number of : 
services on offer. Kevin Brown reports. 





THERE HA2) been an explosion' 
of growth' in the courier and 
express freight market in the' 
last couple of years as com- 
panies rusb to meet .demand 
created by Changes in distriba- 
41 on and. iii the communf cations 
requirements of the business 
cam m unity, •• 

The wide range -of overnight 
and 48/72-kour services now 
available wflhio Europe, both" 
for . documents and : parcels, 
enables .companies' to move' 
items ever -faster between ^»ne 
location arid another. ■ . 

Anything - from a couple of 
sheets of paper, to -television 
nets and ...industrial parts, in 
packages from a few grammes to 
30 kilos and more, can be col- 
lected and delivered swiftly and 
reliably for a price that attracts 
increasing numbers of 
customers. 

- The fastest growth has been in 
the International sector, espe- 
cially within the European Eco- 
nomic Community, and this 
seems likely to continue to 
dominate the marketing 
strategies of (he bigger com- 
panies. 

The key in this sector is the 
aggressive attempts to buifd 
market share by overseas com- 
panies, mostly from the US and 


Australia, which, have outgrown 
■ their domestic base.. 

There is mo doubt' that Earn- , 
peaa competitors have been pot 
under great pressure by ' this, 
overseas invasion, which , is 
being mounted by companies 
with great, financial resources 
and management strengths. ■ • • 

The . potential for growth ..in 
the ' European market 'is so' 
Immense, however, that - most 
observers Ure agreed that there, 
should 'be a place hi it far most 
- of the Companies now fighting to 
.establish* {heptrlmg . 

• Riding . on the strength of the 
expansion of the international 
sector there -has been a major 
increase .in the.nnmber of local, 
companies offering courier ser- 
vices by van and motorcycle, 
especially in London, where the 
number and speed of motorcy- 
cle services is now beginning tn 
threaten pedestrians' safety.. 

Although 4here W widespread 
agreement that the market for 
courier and express services in 
Europe is- growing fast, there is 
no consensus on the speed of 
growth, or on the total value of 
business being done — 

The position *« complicated, 
too. by the division. <*f the mar- 
ket into express and courier ser- 
vices. and into local, national 



Domestic s e rvi ces: range of options 
greatly extended 
European sendees: increasing 
variety of delivery schedules 
Couriers-* broadening the scope of 
their operations 2 

TwBtiortal opemtom*. facing up to 
fast-moving competition 


Heavy increasing need for 
speed and reliability 
kitemational companies: powerful 
competition for growth 3 

Airfare*: taking the initiative and 
the profit 

ProfBe: Federal Express how the 
East was won 4 


•?* 

VI . siv : •», t 

' * J m * " 



.r ■*'» " " ' 



and international sectors. 

, The best guess has been that 
the market is worth about £350m 
a year— a fraction of the S7hn a 
year North American market, 
where the population is of a 
similar sire. 

This estimate ready is a guess, 
however, since ihe industry is 
too young to have attracted 
much attention from the statisti- 
cians who could provide more 
accurate figures. 

Government departments, 
which provide official Insight 
Into what fa happening in many 
industries, hove also been slow 
to wake up to the birth of a new 
business. 


The British departments of 
Transport and Trade and Indus- 
try. for instance, can produce 
comprehensive figures for Ihe 
amount of freight passing 
through British ports hy road, 
air and sea— but have no idea 
how much of it is classified as 
express deliveries. 

Some leading figures in the 
industry suspect that the total 
market is already substantially 
bigger than the £350m estimate, 
and that a large proportion of 
business being done is not 
reflected in this estimate. 

This suspicion is borne out by 
the turnover of the iwo market 
leaders — Ihe European arms of 


the Californian DHL corpora- 
tion and the Australian TNT 
group— which together account 
for more than £300m a year. 

A more accurate estimate is 
difficult to arrive at however, 
since some of the major players, 
including the Royal Mail's 
courier oflkhoot Data post, and 
British Rail's Red Star express 
parrels service, refuse to reveal 
turnover figures. 

Estimates of market growth 
also range from 20 to 50 per cent 
a year, though there is some 
agreement about the fastest- 
growing areas. 

Broadly, the position appears 
to be that demand in Greece. 


Portugal and Spain— the newest 
members of the Community— -is 
growing fastest, although from a 
very low base, while demand in 
France is said to be very good, 
and in West Germany steady. 

There is also substantial 
demand in the OK — the biggest 
single market, with annual busi- 
ness in exress of £50m— and on 
the fringes of the Community in 
Switzerland. Austria and Scan- 
dinavia. 

What is clear is that courier 
and express services are pro- 
ducts that thrive on publicity 
and depend for growth on 
increasing public awareness. 

Experience in the US has 


shown that services in both sec- 
tors are likely to take some time 
to catch the pnhllc imagination, 
but when they do the potential ■ 
for expansion Is enormous. - 

Federal Express, the. market - 
leader in the US. lost £tm a 
month in Us first year, for inst- 
ance. but now has a 53 per cent 
share of a US market that has 
grown from a few hundred mil- 
lion dollars in 1073 to more than 
$7brt. 

U is for this reason that the 
entry into the European market 
of Federal and other US giants 
such as United Parcel Service is 
welcomed hy some of the more 
perceptive local managers. 

Mr Alan Jones. European 
general manager for DHL. 
which haft been operating in 
Europe for 12 years, says the 
addition to the total advertising 
and marketing budget of the 
industry can only benefit every- 
one— especially. of course, 
those companies which already 
have a substantial market 
share. 

Mr Alan Watson, deputy man- 
aging director for the European 
operations of Australia's TNT 
group, says the potential for 
expansion is almost infinite as 
more and more business users 
recognise the advantages 
express services can offer. 

US experience has shown, too. 
that the industry benefits from a 
bandwaggon elTeci as com- 
panies find they have to use 
express services to remain com- 
petitive. 

Mr John Payne, head of Data- 
post, has no doubt that this will 
happen in Europe as well. 

" The very expense of courier 
services has led customers to 
trade up their expectations." he 
nays. 

The high growth of the last 
few years was triggered by the 
effects of recession, which 
increased pressures on com- 
panies to be competitive, which 
meant having documents and 
components in the right place at 
file right time, and not a few 
days later. 

There have also been major 
changes in the pattern of 
distribution, partly caused hy 
the high interest rates of the 
early 1980s. and the reluctance 
of manufacturing and distribu- 
tion companies to maintain high 
levels of slocks. 

One of the major Inhibiting 
factors on growth in the Euro- 
pean market has been the com- 
plexity of customs requirements 
for goods crossing international 
borders; — even within the Euro- 
pean Community. 

This problem should ease 


over the next few years as the 
EEC moves towards completion 
of the so-called common inter- 
nal market— a process which is 
scheduled to he completed by 
1992. 

Even when this process is 
complete, there will still be 
external barriers to important 
markets such as Austria. 
Switzerland.' and much of Scan- 
dinavia. 

This means that the success- 
ful competitors will be those 
which can ofTer expertise and 
speed in coping with the 
requirements of different gov- 
ernments. 

“ The problem Is one that 
some of the newer companies in 
the market have not yet folly 
appreciated." says one mana- 
ger. “ Europe has the potential 
to be as big a market as the US, 
but It is absolutely fundamental 
that carriers are able to rope 
quickly and efficiently with cus- 
toms requirements. 

“ It fa no good being able to 
get documents or packages 
across one or more inter- 
national borders overnight if 
they are then going to be held 
up for hours or even days hy 
customs requirements." 

This- means that companies 
have to build up expertise in 
dealing with Uie requirements 
of each country in which they 
operate — which can be expen- 
sive and time-consuming. 

Mr Frederick Smith, chair- 
roan and founder or Federal 
Express, admits that this prob- 
lem cannot be quickly overcome 
and is bound to slow down the 
development of Federal's Euro- 
pean operations: 

~ We believe there must he 
modifications to the customs 
system in Europe to promote the 
kind of transport systems we are 
talking about." he said at Fede- 
ral's Memphis headquarters. 

“ We spend a lot of time tal- 
king to customs officials about 
this, but the important thing is 
that the trends of the industry 
are pushing customs services 
everywhere in the direction of 
expedited services. 

The ftiture which the courier 
and express parcels business 
sees far itself is a bright one. but 
it does depend on continuing to 
convince the business world 
that fast physical communica- 
tions are an asset it cannot do 
without 

Once this becomes the stan- 
dard by which companies do 
business, competitive pressures 
will ensure there is no going 
back to the more leisurely 
methods of an earlier age. 




f* .. 

■ b 




'r • 


%- 

> 


Sty 

#5* .. 

- '* 

* < 

m 

■a: 

-it- 




SW -i 
***** 



r*. ft.. .r. r . - . j 





brazil 


DELHI 


PARIS 


CHINA 


EMERY ANNOUNCES THE FASTEST SERVICE 
FROM YOUR DOOR TO ANY DOOR. 


With Emery Courier Express, you can send 
anything- Any size. Any weight Anywhere. Wcrld- 

WK,e Withoute!«r r leaving the direct supervision 
of one of Emery’s 9,000 employees. 

Including computerised tracking, personal 

times... it meets them. 


For your next urgent shipment or to find out 
more about Courier Express, just call us. 

With Emery’s 40 years’ experience in Europe 
handling air cargo shipments, whatever you want 
to fly, wherever you want to fly it, with Emery 
Courier Express. . . it’s as good as there. 



AfcCOWB? -AIR CARGO- WORLDWIDE 

fTS AS GOODAS THERE 


4 





Financial Times Monday March 16 1987 


freight SERVICES 2 



Domestic services 


Big expansion in operations 

® for the urgent last-minute 2 



honour iMUmy -enlca of packats ond pareefci In Undon 


delivery services has risen from 
half a dozen five years ago to 
more than two d °zen at the 
beginning of this year. Added to 
that is an army of local and 


SAME DAY, next-day, two-day— 
the range of service options 
available for the express rnove- 

“*! ii^aSS 11 the 1 iffTias that is an wmy * 

SSffiJ aromatically over the £ e ?“£ at ion which 

■SSM w. a -Vice 

gSSSTuiTWffg-5 ... 

sa.ssusswstAg SfiSyK3fti , 3as ses 

movements where ^customers one cSm^ny. National — 

Carriers Boadline, and the 
Transport Development Group 
is currently deciding the ftitare 
** operational relationship 
between its two domestic par- 
cels carriers, TuffneUs Parcels 
Express and Independent 
Express. . 

Other operators have been 
bought by large industrial 


can 'choose between service* 
offering before 9 am delivery, 
before 10.30 am and beforenoon 
as well as general next-day 

d6 Sa£Say delivery options 
have also become more com- 
mon, although as with guaran- 
teed next-morning deliveries, 
they can attract premiums or 50 
per cent and more over stan- 
dard rates. Published tariffs 
tend in any case to be fairly 
“ negotiable ’’ at least where 
larger volume business is con- 
cerned. _ , - „ 

Adding to the confosion for 
potential customers seeking the 
most suitable equation of ser- 
vice level and rates for their 
particular needs is an escalat- 
ing barrage of marketing hype 
from an industry which has 
already seen enormous growth 
during the 1980s. One leading 
operator ^recently estimated 
that UK domestic parcels busi- 
ness (packages of up to 50 kilos 

“ J tk-.wl narh) Mr- 


now as it has been in the recent 

P ^\nother debate in the UK 
express market concerns the 
level of service which custom- 
ers really need or want All 
opera ors agree that reliability 
and guaranteed delivery times 
are key requirements but there 
is a difference of opinion, fos- 
tered to a great degree by the 
companies themselves, over 
whether the real need- for many 
customers is the heavily prom- 
oted overnight services or two/ 
three-day deliveries. 

Ken McCall of TNT says the 
TNT Overnite operation is still 
very much the flagship of the 

C °"Morecompanies will see the 
need for a quicker delivery ser- 
vice as deadlines get tighter and 
the more efficient companies 


large industrial the more euiciem. promol 

organisations lookingto establ- 
ish a presence in a major growth market $“"SlTSamedayser- 


for the urgent last-minute staff,” 

he says. •„ , 

- Thou g h fi g ures for the amount 
of business are hard to find, Mr 
Graham Roberts, managing 
director of National Carriers 
Roadline, says company mana- 
gers have estimated that for the 
NFCs financial year to the end 
of September 1886, total value of 
the UK express parcels market 
is about £I,005m. Of that total, 
ovemight/nextday services con- 
tributed £375m; other guaran- 
teed services such as 2-3 day 
deliveries, £90 m; and non- 
guaranteed, £540ra. . • 

For the current financial 
year, to end September 1987, 
they suggest the value will grow 
by eight per cent to £l,085m. The 
new breakdown would see over- 
night /nextday services contri- 
bute £441m, up 18 per cent; 

other guaranteed services 
£lllm, up 23 per cent; and non- 
guaranteed, 6533m, down one 
per cent 

Promotion of the different 
service levels in the UK has 
produced a major marketim 
battle. Faced with the powerful 
challenge of relatively new 
operators such as TNT. and 
Elan, previously established 
UK parcels/courier organisa- 
tions have had to sharpen their 
whole approach to the express 
business. 

For example, the long-time 
sleeping giant. Securer, last 
year merged all its courier and 
parcel services under the gene- 
ral heading Securicor Express, 
and launched a substantial 
marketing push in the UK with a 
before-9 am delivery service 
promoted under the name 


One of the Increasing number of 


European services-: 



isha presence in a major growth 

market Examples over the past is a 

couple of years have incluj £S S^indfcato? of “here the 


Bund's acquisition of United 
Parcels, Parcetine’s change of 
ownership from the De La Rue 
organisation to Australian 
transport giant Mayne Nickless 
and, within the past Tew months, 
the purchase of previously inde- 

j . e ..klcQ nncratnr 


good indicator of where 
market is going,” he says. 

Putting the other side of the 
argument Mr Peter Robinson, 
marketing 'manager for tui £ 
nells Parcels Express, says ® 
cent of the company’s 


ANC by the B&C Group. 

According to Mr Ken McCall, 
general manager express Par- 
cels for TNT Road Freight; 
ness (packages or up io ou mura “ The overnight market isM^ 
consigned to a third party car- tinuing to experience a ■ sevei re 
rie? for delivery to a business price-cutting war and the next 
address) currently involved the 12 months a^eoing to be atime 


ishr lade! per cent of the company's 
pendent franchise curator ■»“£ 


Last year also saw the Royal 
Mail's high-speed courier 
operation, Datapost adopt a 
much higher profile with ser- 
vices offering guaranteed over- 
night delivery by 10 am to more 
than two-thirds of the UK and 
the provision of free physical 
and consequential, loss insur- 
ance cover. 

In January, Royal Mail Par- 
cels stepped up its promotion 
with the launch of a new initia- 
tive called The Business Prog- 
ramme. basically a package 
offering bonuses to encourage 
contract customers. 


<XUtU vOw# v — 1 

movement of 390m packages a 
year in a market worth just over 
£l,000m. 

As the market has grown, so 
not surprisingly has the com- 
petition for that business— the 
number of companies claiming 
to offer, nationwide express 


JL«S iuvuum ^ — , — 

of reckoning for many earners. 
A number of companies will 
have to produce returns this 
year after several years or 
unacceptable losses.” 

Other operators, though, 
maintain that the rate-cutting 
situation is generally not as bad 


UUUlCosi*- wm _ m 

vered via its Premium Express 
service, a non-guaranteed next- 
day service with a next-day suc- 
cess rate of 75-80 per cent, and 
95 per cent delivered in 48 

k*“Our argument is that a lot of 
companies are over buying on 

distribution Often they do not - ----- 

need a guaranteed next-day ser- US parcels giant, 

vice. What they reaUy need m a {gPJJ** takeover of Lex 

fast and reliable deliver^Many of ^ UK and the 

of our customers use _ bs J^jent creation, in Novem- 

Express for the va ^ 5 m ^ n °, rit ^ 1 °f berof Federal Express UK. 
their consignments and our oer, 


PRE-EMPTING current- politi- 
cal moves to make the European 
Community one market in fact 
as well as in theory, express 
freight operators are already 
well on the way to establishing 
delivery schedules for inter- 
national movements within 
Europe on a par with those for 
domestic services. 

That trend is highlighted, by a 
rapid growth In the number of 
express-related overnight air 
operations between the United 
Kingdom and the Continent as 
service operators seek to oner 
guaranteed transit times of aw 
48 hours for the through inove- 
ment of documents, parcels Mid 
even larger items between diffe- 
rent European countries. 

Express service companies 
are increasingly nsing aircraft 
as the longhaul links m rally- 
integrated transport systems 
which also involve road trans- 
port collection/delivery opera- 
tions at either end of the air 
routes. . - 

In some ways, the pattern ot 
operation for UK/Contine nt fa st 
freight movements has swung 
frill circle over the past decade. 
Until the late 1970s and the arri- 
val in Europe of Australian par- 
cels specialist Ipec, now TNT 
I pec, with its famous yellow- 
liveried express delivery vehi- 
cles, urgently-needed freight 

tended to move by air on sche- 
duled airline services. 


hour, door-to-door deliveries, at 
least between, major European 
centre* European 


companies ; now Enxopean-basea ew«»“ 

E'sw- ssssMLffiCgs «S28S- 

ssffisffiss&eFe. -sstfissaig ^SS 

a U> operations. : France to its more^ablifh«i 


Ireland/UK/West Germany — 
ish Eerospace 146 jet freighter 

toitod to the dozen or soaiready 


5SS&S s&pgAgSi 

tlons linking EMA with West 
inyand 


sms®? wmmmgmt 


jsgstfees-. 

146, according to ™T AP«rs w ort-er companies tnlinkr its rili” i^mfwnlnff delivenes 
management, is its low noise w -Bel= 

SveL^i^creasingly important . Europeanjiub a 

JtaagiSUiS to KurSpe. laokSi 

Aglodilluntration of the kind M«mwlnte._ 
of problems which can arise ra Sotc« COT®. hjW^^aMe^a 

8 narMjt USTVlCK 


tbeair unxsnow : 

Mim next-morning oellyeneB 
for UK traffic to roost- -of .West 
Germany and 24 -hourserviceta 
per cent of Frarcev- 
Netherlands. Belgium, Lnxem- 

based Pandalink ts this year 
stepp ing up development' of its 
hub- operation at Brossfehs. ; 

A number of the more estflb- 


arising from environmentalist 
objections to aircraft noise 
threatened XFs plans to 
expand night-time air opera- 
tions and nearly led to th e co m- 
pany pniiing out. In the ev ent. 


- ut ^ ranv service from the USand expanded over- p^mea are^also increasingly 

SalgStfsi'- afi5sssss»a®' Sssssissss^ 

Arrival, of: the Americans oh ^eady this year npgraded aers . 

the . intraEnropean , tetpress. vices from the UK to 'the 
freight scene is already- shaki n g Benelux . . countries, . France, 
up the market The US cmn- west Germany and Switzerland 
p allies are -particularly prorain- ^Qrthe introduction of mghtly 
cample, in the cam- kh- nneratioha out of Southend 


Still to come is an expects! 
major market .push by Fed e^. 


their cons T K< uu cutj _ 

guaranteed overnight service Apart from marketinft the 


WEU. 

PICKUP 

YOUR 

CHALLENGE 


There are only three companies with a truly international 
express delivery service for time-sensitive parcels and documents. 

And only one with the ability to combine worldwide network 
muscle with a service flexible enough to meet your specific 
business needs: geared to take what you want, where you want it, at 
competitive rates. 

IML Air Couriers. 

We don’t have explosive initials. Or mountains of advertising. 
We do have the single-minded belief that we’ re hereto suit your 
timetable, not our own. 

Your every deli very is a new challenge we gladly accept. 
Because we're confident of our operation. But never complacent. 

Put us to the test - right round the world. 


Apart from marketin& the g y the early MBOs. fleet s of men- into the maifcet.^ 

other great battle on the UK express vehicles were providing _ ^ development, the : -In that context, 

SfpiJfreight scene is being ^hour delivery services it to 

fought in the area of com- between the UK and mneh of o£fe ^^rer X&30 am the next 

mumcation and Continental Europe. Even ^ d ^ d eUveries for non-dntiable 

technology. Service operatore MTt of transit speed, thoutf^ aaya ^ many European 
are developing ever more wa s not deemed fast fmobg^jrad P.„ nextrbusiness-day 

sophisticated computer-bMjd ^er the past couple of jreara <Jel ^ ries ^ dutiable items 

systems to speed up the more and more operators have weight shipments, 

sing of information as well as b tu^ to afreraft to b f several 

the actual parcels. ^enable the develop ment or ift- * — ■ 


Couriers 

Broader scope 
of services 

HAVING INITIALLY made The rapid growth in that busi- 
their reputation as carriers of ness and its more 
ungently-needed documents sion to include parcels and 
and small Items such as sam- other frelghtcan be sa^ed ^ 
pies, international courier com- recent industry estimateswhich 
paides are now rapidly suggest the wortdwide express 
broadening the scope of their market is now worth $2.5bn a 
operations to take in other year, of whi^ toe US accounts 
areas of business. for about 50-60 per cent 

Many courier organisations that development mattnbated 
are introducing services to to the biting of restnctions on 
cater for larger parcels, while air cargo transport which has 
others are pressing on with the resulted i n th e rapid 
development of facsimile and ment of a vast range of air basea 
electronic mail operations, express services. 

SSS^ly. operators talk The European market has 
about tSir “air express" also grown raradly 
rather than “ courier " services few years and is now reegned 
to put over the message that to be worth somcOOOm-^hn a 
they are now handling the year. La fS es *.? I ?® l l“the UR 
worldwide distribution of par- Europe ls sud to be toe us. 
cels, general freight and bulk- with an a “ n “5!„5^Sn C The WK 
mail as well as more traditional nmn'jgatabou^^TheUK 

j^SSSnDHLfor £-urier 

ssrr" rsarsaws. * 

DHL Worldwide Express to years ago. growth 

-•M'sssssas", i^sssst^si«®» 

8 toteraationaf courier services Idlos and even general 
flfflprine fast door-to-door or as well as documents ana smai 

SSfi^S 


' r ;y-\ i ,s :v- ■ < v .*<■ Uiw • t 


' . Vi-: • 


9 : 


$ 


-* 


h-\ 




Basie-Inaddi- 

ea uw«. _ "rid* ranee, of air- nony which. »uu m***,^— torv European coverage'- has 

ironsche- ^t to 0 Derate owrai^it par- service , development been expanded to bicltid dSda n- 

_ ss. me Continental areas of Europe. S»mi i a riy, they . dinaVia' ^ nsingr.itights between- 

The problem was that while ^^SnSimrian pobiS. and others are pressing Jjardfor SonthendTwid ^Copenhagen, 
the freight travelled quickly the Jdmpliliration^and^m- sfouiarly, Securicor, wMcl^us^ 

through the air. it was usually dawlisatfon of Customs regola- a jugbtly Dart Herald iffight . 

held up for several days by is ukeiy to tions, paiticulariy , w^luii ^the between Biradiigfijmf . 

handling and customs delays on ^r^d^sMaSicht-bas^ air European Community. . ^ s«s-to help maratexnjiext day i 
the ground at either end, mak- ^f^Hnns fbllowiM the setting However, ; while ■'European two-day parcels ■ delivery Ser- 
ing for fairly slow final delivery express companies may ctidm vice*^ to fc Benelux countries, 

iel Ipec and others convinced 3uS delirery^J they can, cong^e suc^to westtJennany ajalFrirac^last 

the European freight market WK* e on t^e Botch atpresentwith toeUKgianteon y^ar ftfrther extended itsEhro- 

Sat road-based express ser- tom centred on tne. «=“■ s^ce levels, iltey arewreied y ^ operations with toe 
vices could provide faster door- mnmra to that that the substantial financial :ad(U tion of a Brussels-Nurem- 

By the eeriy 

peandtese^ ' stich ax Baririn^based Sea- 

already. toe. ys» • bourne European Express^, for 

neWcoraers win amjse * wm,- example, rely oti road transport 
war, initially using their fast- rather than- aircraft to maintain 
developing ratra-European ajr gtrafces. \ • 

operations primartiy to feed . • ' * 

traffic for longer-haul rontea. 

Facing up to the^chsdlenge. - WMnip 


ft* 



$r.\. 


sprang to prominence - — — = 
the 1970s as the developed areas 
of the world, notably Europe, 
North America and toe Far 
East, increasingly began to 
trade with emerging markets in 
regions such as the Midme East, 
Africa and Latin America. 

In many cases, traditional 


the same sort of service for 
other traffic. DHL. for instance, 
now offers three different 
worldwide services— for docu- 
ments and non-dutiable items 
up to 30 kilos per package. Lor 
dutiable and declarable items 
up to 30 Wos per mdmduhl 


v cases, traditional up to ^ 

’of'^ding, urgent P-cfagt, ond doo^oor 


IML 


air . 
couriers 


gaV of heavy and bulk 

C °Mk n NeIsoo, DHL’S UK 
managing director, says. In toe 
past we made our name as a 
courier company *»nt over the 


YOU CHALLENGE. WELL DELIVER. 

IML Air Couriers. Astronaut House. Hounslow Road. Feitham, MhddxTW14 9AH. Tel: 01-8908888. Telex 881 124a 

OH ices m Aderdeen Accra Athens ■ Bahrain ■ Birmingham ■ Bogota ■ Bombay ■ Brussels Cairo Colombo Copenhagen 
DAar- Dubai -Edinburgh Franklun- Glasgow Guatemala -Hong Kong Kano. nexttimeweti rake a bigger ao 


methods - . 

items, for instance by post, 
proved unreliable for countries 
where transport and com- 
munications systems were otten 
in their infancy. . ^ . _ 

With exnorters and traders courier Zffnris 

du^nSS reliable iways 

of moving documente, sam^e to ^ to con ju ra up the 

Sei^th^orfd^othe^ 

private companies moved in to f^^^4 a 7L a ge s^ved 
organisations developed toeir jn^nceo ^ ^ 

SS^rSSm^SSmi futsei™. »9> 


UlUtCO Ul — _ 

desk-to-desk deliveries using 
the fastest mode of tiaiisppirj 
available and their own staff of 
agents at all stages in the move- 
ment, from collection to final 
delivery- 


transport company. • 
Currently, only some 30-35 per 
cent of DHL’s traffic comprises 
dutiable traffic, of which 80 per 
cent is smaller parcels up to 
about 25 kilos. However, accor- 


ding to air Nelson, toe propor- 
tion of dutiable to non-dntiable 
traffic is growing all. the time 
and this year toe company Is 
also taking specific steps to 
encourage more heavier weight 
shipments. 

u One initiative we are ta k i n g 
this year Is to adjust our pricing 
structure to try to attract busi- 
ness from people who are cur- 
rently using forwarders’ con- 
solidation services. . During 
Mar ch, we are bringing .out a 
new tariff designed to encour- 
age larger consignments.^ _ 

Following, a similar path is 
UK-based IML Air Couriers 
which claims to have the world’s 
third-largest courier network. 
With parent group IML Air Ser- . 
vices .already involved in gene- 
ral airfreight business through 
the forwarding activities of IML 
Air Cargo, the courier company 
is lookingto expand the scope of 
its own operations. • . - . I .. 

“ At the moment, as a courier 
company we have a theoretical 
limit of 30 kilos per item 
although we will .handle any- 
thing. We obviously have a 
desire to move into heavier 
weights and -we will be gearing 
our tariffs to attractmore of that 
sort of traffic." says Mr David 
Tanner, managing director of 
IML Air Services Group. 

Looking to become, more 
involved with the handling of 
larger items In a a tightly ^diffe- 
rent way is Heathrow-based 
wholesaler Inflight Courier Co- 
load which has to date, made its. 
reputation providing inter- 


national tinehaul services for 
other -couriers rather than, sell- 
ing. direetto shippers: - . 

- Mr Paul Barnes; Inflight's UK • 
manag ing • director, says the 
company is now moving towards - 
offering, an express parcels net- 
work to couriers and agents as . 
well - as its ' wefi-estob lisbed ; ■ 
courier traffic faculties- 7 '."''i '' 
'We already .carry some par- ' 
cels for forwarders and we are 
looking to do more of that sort of 
work'for airfreight agents who 
need an express parcels ser- 
vice. As we, only operate as a . 
wholesaler, we 7 are looking, to, 
attract parcels; from forwarders - 
who peed to tie able '-to .offer 
their customers - express ser- 
vices but' do not want to give . 
their traffic to other express 
companies who might be their' 
competitors,*’ Mr Barnes says. 

In - addition to . cafering 
increasingly for . larger items: • 
conrier companies also want to 
develop * number of -ether 
areas, including facsimile and 
electronic mail services. DHL; 
for in^^mce,- fdready - has an 
elec.tronic-. document- service 
(EDS) 1 operational in various 
parts of the World Cand is now 
introducing it.to the UK- : 

Basically, a "courier collects 

the document' from any UK loca- 
tion and takes it la DHL's EDS 
base at London Heathrow. The 
document -is then transmitted, 
using highspeed v ^ electronic , 
equipment.' -to another '..DHL 
international office whjch then- 
arranges ■ delivery .to toe con- 
signee.- - ‘ - * • : -- 


“ The electronic document 
service is ^positioned alongside 
our. . -' worldwide , , document; 
express' service to allovr us to . 
offer overnight deliveries!; to. ' 
markets where tinre-change fac- ; 
tors would not otherwise allow ’’ 
tu to do so, M Mr Nelson says: - 
.He sees electronic transmit- J 
sion as an enhancement of . 
existing express .- services. - 
Research by the company' sug- 
gests that the coorier movement . 
of .. .documents - will 'continue; 
both for reasons of. security! and . 
because of the size and buUc of _ 
many . documents— average’ . 
weight of DHL's document con- 
signments Is- put at about LS 
kilos.. ’ 

'ifr ' Derek Moore, franchise - 

director foe IML Air Couriers, ’ 
says: “If someone has one or two ’ 
sheets of ^information to. send' . 
they may -well fax them, but If ; 
.more than a few sheets -are. •’ 
involved then -they will prob- 
. ably cany , oh using courier'serr 

vices."’ -. - • • • - ’ ' •> 1 1 -.‘ 

: --Other areas of business being . 

- looked at by courier-companies 
include that of remail, anopera- ; 
tion designed to attraef tmsi- .-. 
negs from companies- sending 
large quantities of d irect mall to v . 
international. destiaationSii-.Uy : - 

consolidating such mail fH 1 the ) 
movement between countries, 
ffourier- companies claim tab? 
i ibtejto offer rates below those ’ 
T :harge"d by postal authoriCes. ,. ’ 











33 


financial Times Monday March- 16 1987 


COURIER & EXPRESS FREIGHT SERVICES 3 




? s’ . 

swT*£'. 

*5QI9i ■ 
3 V.5 , 

* 

«K5t 

* 

ca: cf •*' 
? Flare"' 

altar. i ‘ 
5 C! > 
_ " 

an;- ~ ‘ 


rhad 


**r- is-: 
v :i r . 

■ ‘i- 

■' :-• 
ito* - : :■ 


’t 


Traditional operators find themselves in a new and cut-throat market 

Backedby extensive networks 



m 




fled Stef offices under the BriU&Kail ptnhwfe 


Tltfc -RA HiJ expansion of the a&cts' their- attempts to win 
courier end. - express parcels • business inn new pnd cut-throat 
. business has posed . difficult market.. But they' also point out 
problems for British Bail’s Red that, the extensive, infrastrnc- 
Star service and the Royal Mai) hire networks established by 
Datapost. system. " both' parent organisations over 

Both, organisations were well 1 . 'the years offer the prospect of 
established in their respective built in advantages over .the pri- _ 
fields when the boom began in. vately-owned competition, 
the early 1980s, but both' were Mr John. ' Pay^e, Datapost 
also, handicapped by associa- ' group marketing manager, con; 
lion with the sometimes poor, cedes that there.are some diffS- . 
publicity surrounding iheir culties in reconciling Data post’s 
parents. attempts to present a dynamic 

Executives of both Red Star Image with the Post Office's 
and Datapost will admit that more staid tradition of 150 years 
bad publicity- for British Rail . of public aervich. 
and the Post Office Inevitably Be insists». howeyer. that the 


Post Office umbrella also offers 
. important strengths* such as the 
network of counters at offices 
around the country, a built-in 
nationwide delivery system, and 
the Royal Mail’s reputation for 
security. 

“ X think that Datapost is rec- 
ognised in a sense as the Rolls- 
Royce of Post Office service, 
and that has to be a good thing, a 
good selling point," he says. 

Datapost has gone to some 
lengths to capitalise on its posi- 
tion as an established operator, 
notably with an aggressive tele- 
vision advertising campaign 
intended to build on an existing 


high level of awareness of the 
service. . 

The key to . success in the 
courier business, however, is 
reliability, and Datapost has 
made significant strides in 
establishing a reputation for 
getting deliveries to destina- 
tions on time. 

Management confidence in 
the organisation's ability to 
meet its deadlines is reflected 
in the guarantees of delivery on 
time offered to every customer 
of both domestic and inter- 
national services. 

This includes both a 


Heavy freight 


Need for speed and reliability 


»v> ■ 




ggilgf; | 


INITIALLY introduced pri-' 
marily for the movement of ■: 
documents and package*, of np 
to about 30 kilos, the concept of. 
door-to-door express deliver 
services is now being applied 
increasingly, to larger, freight 
consignments. . y 

Encouraged . by. the develop-; 
ment of foster and more reliable? 
dooz^to-door delivery services 
f r mm i f the world, at least be-, 
tween Europe, North America - 
and the Far: East, jnoremanu- 
foctorers and traders are Stdop-f 
Hng . so-called " j ust-dp-time 
distribution policies*?. which' 
allow them to keep stockholding 
. and inventory cOsts to a 
minimum... • V :.'v 
Associated with that 
frig 

_ 

items up toaeveral^hijp^d D w m Cgh t hdtvteesgo a key for 

es^lishedtor SSl^WreSS^tiig »ucc^^^ KftSSt SS" 

Looking to meet that demand ^Is and ge 
anrafrfteight ibrwarding.com:- g equfr tag Wrote *??! r ‘ to ‘. 

rational airlines, have had to Accordiigto 

SSSggaaa? -.^«BESffS3S£ 

jfSSSSKrJSJ* HAapw ***W* er \ 

OVERSEAS COURIER SERVICE 






money back guarantee and pro- 
vision for payments of up to 
£10,000 for consequential loss to 
any customer who can . prove 
that late delivery has caused 
financial hardship. “ I think it is 
quite clear that payments of this 
sort would very quickly put us 
out of business if we had to pay 
out very often," Mr Payne says. 

Datapost operates two para- 
llel services within the UK, 
offering same-day deliveries to 
most areas, and overnight 
deliveries by either 10 am or 
noon to all but a few remote 
areas. . . .. 

The core of the network is the 
3,000 Post Office Datapost 
acceptance points backed up by 
14 regional service centres, with 
a central hub at Luton. Much of 
the domestic traffic is carried 
by British Rail, either accompa- 
nied by couriers on passenger 
services or. in greater bulk, on 
the travelling post offices used 
for ma il and newspapers. 

Datapost also makes exten- 
sive use of radio-controlled 
vans and motorcycles, and a 
fleet of small aircraft for 
deliveries from Luton to Aber- 
deen, Edinburgh, Glasgow, Man- 
chester, Liverpool, Belfast and 
Bristol A second domestic hub 
at Manchester is expected to 
open later this year to ease the 
pressure on deliveries to the 
north of England and Scotland. 

On the international front, 
Datapost claims to serve more 
addresses than any other 
courier service— almost 400 
major cities in nearly 90 coun- 
tries— and recently announced 
improvements to its services to 
Denmark, Finland and Japan. 

International traffic is routed 
through the Luton hub to Brus- 
sels (or direct to Dublin for the 
Republic of Ireland) from 
where it feeds into the express 
mail services operated by Con- 
tinental post offices. 

Overnight delivery is guaran- 
teed to major European cities. 
Services to the US usually take 
two days, and Australia and the 
Far East three days. Datapost 
claims to have doubled its inter- 
national traffic in the 18 months 
to the end of 1988, and forecasts 
continued high growth. 

“We reckon we are growing 
considerably ahead of the mar- 
ket. which we believe is growing 
at the rate of 20 to 50 per cent a 
year,” Mr Payne says. 

Datapost has also attempted 
to expand its base by moving 
into the market for express 
delivery of heavier packages, 
for which it offers a flat rate 
within the UK of £10.70 for the 


• v* - 

. * 



„ - -* ■. 

-.V- 





Despatch of a Datapost parcel at a Post Office 


Drst 5kg, plus 20p for each 
additional kg. The intention is 
to take advantage of the 
increasing demand for “just-in- 
time " deliveries by manu- 
facturers and retailers attempt- 
ing to cut inventory costs. 

This service has attracted a 
number of corporate account 
customers, including Bass (Ire- 
land) which uses Datapost for 
deliveries of computer data, 
and J. 1. Case (Europe), an 
agricultural machinery manu- 
facturer based in Doncaster. 

Mr Payne says: “Our strategy 
in marketing terms has been to 
build on the very high traffic 
base we have always had for 
documents, and to push very 
bard to establish ourselves as 
couriers of goods.” 

Red Star has a potentially 
more serious image problem 
than Datapost because of the 
public perception of British 
pail as unreliable. This has 
largely been overcome, 
however, by an increasingly 
sophisticated marketing cam- 
paign which has succeeded in 
establishing the express parcels 
service as a separate entity. 

Mr Mike Bonser. marketing 
manager, says: “While Red Star 
is a relatively young, dynamic 
organisation, we also regard the 


tact that we are an established 
part of British Rail as a great 
strength. 

“The railway network gives us 
access to passenger trains and a 
service which operates around 
the clock throughout the UK. 
This is especially useful in the 
same-day service which many 
businessmen consider vital" 

Red Star claims to have 
increased turnover by 50 per 
cent over the last two years, in a 
market which it estimates is 
worth a total of about £350m a 
year. Mr Bonser refuses to say 
what Red Star's turnover is, 
however. 

Red Star operates three 
domestic services: same-day 
delivery, and overnight by 
either 9 am or noon — though 
deliveries to some isolated 
areas are not guaranteed before 
530 pm. 

Air services have recently 
been launched to improve 
deliveries to Ireland, the Chan- 
nel Islands, the Isle of Man, and 
the Scottish islands. Inter- 
nationally, Red Star is part of 
the Eurail Express consortium 
with the national railways of 
France, Belgium, Luxembourg, 
The Netherlands, West Ger- 
many, Switzerland, Austria and 
the Scandinavian countries. 


Deliveries are flown by char- 
tered aircraft from Southend to 
Brussels, where they are fed 
into national rail networks in 
the participating countries. 

An agency service is to be 
started in Italy later this year to 
fill the biggest gap in the net- 
work, and negotiations are 
under way for the start of a full 
Italian service, possibly in 1988. 
Eurail is experiencing prob- 
lems in extending the network 
to Spain and Portugal, however. 

T.ifcg many others in the 
express parcels industry, Mr 
Bonner will not reveal through- 
put figures, but Red Star is 
believed to be carrying more 
than 4m parcels a year, of which 
about half are In the weight 
range np to 5kg. The major 
growth area is the Thames Val- 
ley, particularly in the burgeon- 
ing high technology and prin- 
ting and communications 
sectors. . . 

Red Star is in the process of 
introducing a £43m parcels 
tracking system to Improve 
reliability, and is pl ann i ng an 
international service to the US, 
where deliveries will be made 
by agents because of the huge 
gaps in the rail network. 

Kevin Brown 


manufacturers too 



speed security economy 

We the CARING courier company offer YOU - 

* PRICES— highly competitive , ; . 

* SERVICE — efficient, fast,. personalised 

* EXPERIENCE-30 years in the 

business - \ 

* WORLDWIDE— network of 141 offices 

* SPECIALISTS — to Europe and the Far 


FOR immediate delivery 
JUST DIAL 100 AND ASK FOR 
^EEPHON^OCSCOURjER 


96-104 BAYLIS RD, WATER LOO. LONPOH, SE1 


BAX has developed its own 
door-to-door freight service 
catering tor any weight of con- 
signment called Priority Ex- 
press. Launched two years ago 
on the North Atlantic and sub- 
sequently expanded to take m 
most of the US, Europe and the 
Far East/Anstralasia, the ser- 
vice is now 'said to account for 
about 20 per cent of Burling- 
■ ton's overall international traf- 
fic— other areas of activity in- 
clude courier and standard air- 
freight services— and the share 
is- continuing to' grow rapidly. 

‘ That trend was reflected in 
the compahy’s.decision. towards 
the end of last year to change its 
name from Burlington Northern 
Air Freight and adopt the pre- 
sent identity. 

' - Well placed to assess current 
developments on the express 
freight scene is UK-based for- 
warder Atlasair which is in- 
volved with all three principal 
sectors of the market— courier 
activities in the form of AAS 
Conner Service, parcels traffic 
through a service partnership 
with US organisation United 
Parcel Service (UPS) and 
heavier weight consignments 
. through Waco Express, a full 
door-to-door service Tor the 
movement of shipments of any 
size to and from most Continen- 
tal countries. 

.. Mr Tony Keating, Atlasairs 
director, believes the 


removal within at most three to 
four hours of aircraft arrival. 

“ If this can be achieved then 
a good proportion of the door-to- 
door traffic over 25 kilos will 
stay with forwarders and sche- 
duled airlines. If not, the door- 
to-door freight will simply fol- 
low the door-to-door parcels 
into the closed systems of inte- 
grated operators flying into 
smaller airports," he says. 

Some forwarding organisa- 
tions have in fact decided to 
tafcp on the express operators at 
their own game and set up their 
own integrated door-to-door de- 
livery services. For example, 
Netherlands-based forwarding 
organisation Pandair Inter- 
national has established an in- 
tra-Europe door-to-door ex- 
press freight operation called 
Pandalink with its own separate 
management structure. 

The system uses both Panda- 
tin k-dedi rated overnight air 
operations — including one be- 
tween the UK and the Continent 
and trucking links to main- 
tain 24/48-hour delivery services 
throughout Europe for consign- 
ments of several hundred kilos 
as well as smaller parcels. 

u Because we have forwarder 
origins we are concerned not 
just with small parcels but with 
the whole weight range — 250 
kilos per item is not unusual. 

• says Mr Richard Johnston, Pan- 
! dal ink's general manager. 


Some couriers seem to live 
in a world of their own. 



The world according to Federal Express. 




The world according to Data Post 


Etebal around 


courier international 

SKY COURIERJ^^SSSust' 98J 
* eta*. Wert fc*»™LSTi5580 


same 

grated operators. 

To achieve that aim, he says 
changes are needed in the ex- 
isting freight handling and Cus- 
toms clearance procedures at 
major airports such as London 
Heathrow. The current stan- 
dard of 85-90 per cent of freight 
flown as booked Is simply not 
good enough — It would have to 
be 98-99 per cent every time. 

The whole operation will have 
to be foster, simpler and at 
greatly reduced cost. And it will 
also be essential for all freight 
to be cleared and available for 


exclusively on road transport, 
with some 98 per cent of traffic 
moving that way. Other trans- 
port modes such as air and rail 
have been tried but, according 
to Danzas executives, trucking 
operations have to date proved 
the most suitable to its service 
needs. 

However, with Finland and 
Soain due to be added to the 
BurapU network shortly, Dan- 
ras has recently started : looking 
more closely at the possibility of 
using aircraft to link the outer 
areas of its market coverage. 

Phillip Hastings 



The world according to DHL. TSrmmi ^ — 

WQRUfMDE CXfiffESS 

With orer 800 offices in more than 3B0 countries, DHL Worldwide Express truly is worldwide. So why on earth use anyone else? 







Financial Times 


Monday March 16 1W7 


34 


COURIER & 


FREIGHT SERVICES 4 



intpmational operations 


iH|jpiinpQ rash in at last on their holdjpgce 




US exp ansion bdngs shake-up 

m . .■ :. I « As far as we are concerned, 


A FUNDAMENTAL shake-up is 
talcing place in the European 
express parcels sector as North 
American companies make a 
determined attempt to domin- 
ate the market 
The invaders, led by Federal 
Express, United Parcel Services 
and DHL, are keen to expand 
their business base away from 
the US. where rapid growth w 
the market is be ginni n g to slow 

^There can be little doubt that 
companies of this stature have 
the financial muscle to builda 
significant market share m 
Europe, where the express busi- 
ness is still at a relatively early 
stage of development 
But it is equally clear that the 

» p »a i *w cnnrPM COIllu 




BUS 1L la 

price of long-term success could 
be hi»nvv losses in 


pe heavy losses in the short 
term as rates are slashed in an 
attempt to win business. 

Fears are growing that a rates 
war on European routes could 
lead to the disappearance or 
some of the competitors, though 
the potential for expansion 
ought to mean plenty of room for 
everyone in the long te ™- H 
Mr Mike Bonser, marketing 
manager of British Rail s Red 
Star express parcels service, 
warns: “The market f 
ding and everyone is getting a 
slice of the cake, hut prices may 
become so low that no one 

™Iroiiica§j; some of the loudest 
complaints are coming from the 
Australian companies which 
beat the Americans to the draw 
in Europe and have subse- 
quently built up a substantial 
share of the market 

Mr Jerry Fitchett, director of 
corporate developmentfortlte 
European operations or ini, 
part of the Australian Thomas 
Nationwide Transport group, 
says the US invasion is an 
inevitable result of increasing 
competition in North America. 

“ For many years, the Amer- 
ican market was very profitable, 

i n a.,. MoK.ri^h ffiants 







Lneopwr ««■"* w I — ■*■*;.* T. are 

provide a comprehensive nafaonal^ ^ mAv{n0 traffic 


to 

^“Customers will not keep com- 
ing back to companies which 


offer low prices and spend mil- 
lions on advc 


Svertising unless they 
also invest heavily in 
documentation systems, the 
extension of depot networks, 
and the development of new au> 
craft and wheeled transport, 

fa Mrf^tchett claims TNT Ipec 
has in some cases found itself 
undercut by 60 per cent by US 
competition, though he main- 
tains that many customers have 
returned to tie company after 
being let down by the 

newcomers. 

“If the Americans had really 
crasped the key to a successful 
entrance Into the European 
market, they would nave 
invested their millions not in 
subsidising unreal rates, but m 


to be exploited. 

“ As far as we are concerned, 
the advertising camp ai gn s 
being mounted by the newer 
entrants from the US can only 
benefit us by helping to 
increase the total size of a mar- 
ket in which we have already 
built up a dominant share, *fr 

J °He^M)5inns that DHL cut its 
rates recently, particularly to 
the heavier end of the market, 
where the company wants to 
expand its market share. 

Bat, he insists : u Offering very 

low rates in itself does notbnng 

success in this market First you 
have to offer the best possible 
service. 

** people are much more con- 
cerned about the urgency^ 
the value to them of getting a 
package to its destination Earn 
and with certainty than about 
whether it costs 10 or 20 percent 

less,” he says. , . 

“ Any one who came along and 
sold at low prices withouthav- 
ing first established a full Euro- 
pean network would in my view 
lose a lot of money without gain- 
ing a lot of business.” 

“ This business requires 

SS’Sm.SS 

that people are looking for, and 
the new companies have not yet 



Y 


equivalent to moving traffic 
domestically, and you cannot 
make any money doing that 
TNT makes no secret of its 

own ambition to be the on f weucw lv mh-im i - — 

nant express company xn that," he says. 

Europe, and claimsto be plam- Federal Express, largest 

wing a guaranteed next-day express ca mer in the US mar- 
delivery service throughout the jjr sa ^ it recognises that com- 
ffinmnotn Community, with the — - — » = — — 


Courlen check In for a flight from Heattwar ' . ‘ ' - 

Chasing the courier companies 


delivery service througnoui in« ^ it recognises that com- 
Enropean Community, witn me control is essential where- 
exception of Greece but with possible, and that is its aim 

the addition of Switzerland, ^ j^of Europe. 

Austria and Scandinavia. ^ Frederick Smith, the com- 

— - - n — - swMii- n*wl AttindPT. 


pany u«q says u i» 7 

dean base, and will spend hasto be approached 
“whatever Is necessary” to rent way to the US, not lewt 
achieve its European goals, Mr because of the problems caused 
Fitchett says. by customs barriers and bilate- 

ral air treaties. 


Fitchett says. ■ 

Needless to say, his views on 
the American invasion are not 
shared by the US companies 
themselves. 

The market leader in Europe 
almost certainly DHL, the 


FedEx has taken steps to 
acquire an infrastructure b as e 
with the purchase of Lex WiL 
kinson, the established UK 
express carrier, and it is clear 

.. - .1 aanHiutinnil in 


lean marketwas veiy profitable, subsid is tog unreal rates, butin * ^ost cert^nly DHi^mc in 

enabling these cash-rich giants laying the groundwork for a reU caiifornian-based group ^ which that mnn ... 

to come to Europe and literally able and extensive delivery began operations in Eui 
t ? C ? v™ anKfiidis- „«4r» A rfc. I™* n* 12 veaTS ago, ai 


to come to Europe vuu 
slash existing rates by subsidis- 
ing their services. 

“ Their logic is that once rep- 
utations have been made and 
contracts secured, pricing sys- 
tems can revert to a higher, 
more realistic level 

“However, a greater likeli- 
hood is that these new players 

- it T? *t itnrVot Will Tint 


S5SSS5S* fwnt 

gggartasapi 

^£ r *£ 5 £srL J&S 

mS. longer, Uiereu a ve^.re.1 fcr «^on of tteBwpea. 


network. . _ 

“That has certainly not been 
done The US giants have been 
here for several years and are 
only now considering a con- 
solidation of their operations. 


AIRLINES have started- to take 
the initiative to a belated 
attempt to capitalise on the 
rapid expansion of the airborne 
courier, express parcel and pre- 
mium freight business. 

The likely scale of this expan- 
sion in the future is illustrated 
by forecasts from fkaery 
Freight, which suggest that by 
1995, the world marketforpre- 

ndum freight and parcels traffic 
delivered door-to-door, at stan- 
dards of service and atchaiges 
over the standard freight rates, 
will overtake the traditional 
cargo market and generate 
some S40bn a year. 

This rising sector, with an 
annual growth of about 20 per 
cent, could then rival the f busi- 
ness travel market, one of the 
airline industry's principal pro- 
fit areas. 


Mr Fitchett accuses the Amer- 
icans of trying to buy custom 
with low rates without investing 
in the infrastructure necessary 


Mr Fitchett accused the 
Americans of offering really 
silly rates." They were offermg 


rates." They were onenng for parcels 

sort of service" inter- which we firmly believe has still 


ilaces Datapost 


guarantee express delivery. 


The world air cargo market, in 
total, is estimated to be worth 
about $18bn a year and likely to 
grow to $29bn a year by 1889 and 
$56bn a year by 1985. according 
to Emery. 

The financial prizes available 
in the air cargo market are 
shared currently by the amines, 
the freight forwarding agencies 
, and by the growing number of 
Kevin Brown | specialist air courier operators 
and express parcel companies. 

The airlines traditionally 
have had a dual role, primarily 
that of providing air transport 
capacity for customers. But the 
airlines have also started to act 
more on their own behalf and 
this i» where the chan ges are 
starting to take place as they 
se ek to share in the rapid 
growth in the premium freight 
and courier business. 


Aach Austria 
AachW Germany 
Aachen W Germany 
Aadarf Switzerland 
Aadarp Netherlands 
Aagieketke Netherlands 
AsSgem Belgium 
AalbeekNethedands 
Aalbeke Belgium 
Aalbu rg murvapaGty N ethertanas 
Aalburg Netherlands 
AalenW Germany 
Aatemeer Netherlands 
Aalst Limburg Belgium 
Aabt Oost Vtaanderen Belgium 
Aalst Netherlands 
Aalst Netherlands 
Aalst Noard-Brabant Netherlands 
Aaiten GekJedand Netherlands 
Aattar Belgium 
> Aan-den-Berg Netherlands 
Aanekotkl Finland 
Anwas Netherlands 
Aapajarvi Finland 
Aarau Switzerland 
Aarberg Switzerland 
Aarfaergen W Germany 
Aarburg Switzerland 
Aazdenburg Netherlands 
Aare-Kanal Switzerland 
Aarle Rbctel Netherlands 
Aarschot Belgium 
Aarsde Belgium 
Aartrqke Belgium 
Aartsetaar Belgium 
Aarwangen Switzerland 
Aavasaksa Finland 
Abadia dos Dorados Brazfl 
Abaete Brazil 
AbaJoPk Utah U SA 
Abanoourt France 
Abbaretz Hence 
Abbasiya Cairo Egypt 
AbbayeJI' Switzerland 
Abbaye Pt Michigan U.SA 
Abbekerk Netherlands 
Abbol* France 
Abbenans France 
Abbe nb roek Netherlands 
Abbenes Netherlands 
Abberton Essex England 
‘ Abbevffle France 
AbbeviBe SCaoliru U.SA 
Abbavibe 'atari si U& A 
AUijo«lte CtcniH* U i. A 
L’rs rrSwi-’ 


Unfbrtun; 


Abbotsford Borders Scotland 
AbbotsfontVVraconsir) LLSA 
Abbott New Mexico U.SA 
Abbott Texas USA 

Abcoude Netherlands 
AMe Belgium 
Abm Alberta Canada 
Abeeto Belgium 

Abeta Portugal 

Abel "ftsman Nat Pk New Zealand 
Abenborg W Germany 
Abenra Denmark 
Abensberg W Germany 
Aber Gwynedd Wales 
Aberaeton Dyfed Wales 
Aberargie Tayside Scotland 
Aberarth Dyfed Wales 
AbwavonW Glam Wales 
Abercam Gwent Wales 
Abefchkder Grampian Scotland 
Aberooni Quebec Canada 
Abcrrdara Mid Glam Wales 
Aberdaron Gwynedd Wales 
Aberdeen Saskatchewan Canada 
Aberdeen Hong Kong E Asia 
Aberdeen N Carolina 
Aberdeen NewS Wales . 
Aberdeen Grampian Scotland 
Aberdeen S Dakota 
Aberdeen Idaho U.SA 
Aberdeen Maryland U.SA 
Aberdeen Mississippi U.SA 
Aberdeen Washington U.SA 
Aberdeen I Hong Kong 
Aberdour Fife Scotland 
Aberdovey Gwynedd Wales 
AberedwFtowys Wales 
Aber-fan Mid Glam Wales 
Aberfakfy Tayside Scotland 
Aberffraw Gwynedd Wales 
AberfOTdW Ywks England 
Aberfoyfe Queensland Australia 
Aberfoyte Central Scotland 
AbergaWmey Gwent Wales 
Abergele Clwyd Wales 
Abergowrie Queensland AustraTia 
A bw r g w esy n Powys Vlfales 
Abergwyidi W Glam Wales 
Aberiady Lothian Scotland 
Aberiiefenm Gwynedd \Afeles 
Aberiour Grampian Scotland 
Abernathy Texas U.SA - 
Abernathy Saskatchewan Canada 
AbamethyTaySKie Scotland 
Abersoch Gwynedd Wales 
Aba-sychsn G-wp* vV>=e>» 
Abprths» S vSvcrf 
AbS»t*8Vty<;-'VurfA i i 
A*-' 4 »rtl\VS?«' t’rr - ' -- 'Viliisri 


Abmgdon Downs Queensland 

Australia . „ . 

Abingdon RaeVGt Barrier Reef 
Australia 

Abington Canr*s England 
AUngton Ireland 
Abington Pennsylvania 
Abington Strathclyde Scotiarjd 
Abington Massachusetts U.SA 
Atriquiu New Mexico U.SA 
Abiquiu Res New Mexico U.SA 
AUsko Sweden 
Abitibi Ontario Canada 
Abhil Portugal- 
AbHs France 
Ablon France 
Abkm-surSrine France 
Abminga S Australia 
Abo New Mexico U.SA 
Aboim Ftortugal 
Abondance France 
Abor Vitae Wisconsin U.SA 

Abos}6 Sweden 

Aboyne Grampian Scotland 

Abragao Ftortugal 

Abraham Lincoln Nat HtetSHa 

Kentucky U.SA ■ 

Abraham, Wehts of Quebec Canada 

Abram Greater Manchester England 

Abrams Wisconsin U.SA 

Abrantes Portugal 

Abraveses Portugal 

Abreschvaier France 

Abretsjes France 

Abridge Essex England 

Abrids France 

Abrigada Portugal 

Abtunhosa Rartugal 

Abrunhosa Vtfha Portugal 

AbsarakaN Dakota 

Absaroka Ra Montana/Wyommg 

Absarokea Montana U.SA 

AbsbergW Germany 

Absdale Netherlands 

Absdorf Austria 

Absecon New Jersey U.SA 

AbsmJ' France 

Abtenau Austria 

AbterodeW Germany 

Abtsgmund W Germany 

Abufori Brazil 

Abuna Brazil 

Abunai Brazil 

Abut Hd New Zealand 

Ab32abiU.AE 

Aby K jstrreir S-wti'an 

• sT 


A min gto n Lancashire England 

Aoequia Idaho U.SA 

Achanalt Highland Scotland 
Acharade Highland Scotland 
Acharn Tayside Scotland 
Achavankh Highland Scotland 
Ache! Belgium 
Athene Belgium 
Achenlrirch Austria 
Achen pass W Germany 

Achenwald Austria 
Achates France 
AchemW Germany 
Achat Belgium 
Achate Portugal 
Acheux-enAnuenois France 
Achfarry Kighland Scotland 
Achlcourt France 
AnWeMe-GrandFranoe 
AcWgan Ontario Canada 
Ach* Ireland 
Addlbeg I Ireland 
Achffla Oklahoma USA 
AcMKes Pt Auckland New Zealand 
AdiOlHd Ireland 

Achill Ireland 

AchHtanue Highland Scotland 
AcWmWGermany 
AcWum Netherlands 
Ach more Highland Sco gand 
Achnasheen Highland Scotfand 
AdmasheBach Highland Scotland 

Ach ray Ontario Can atito t 
Advent LCentral Scotland 
Acht Netherlands 
AdrterveW Netherlands 
Achtkarspeten munfcpafify 
Netherlands ■ 

Achtamaal Netlienands 
AddaBa New fork U.SA 
Adgne France 
Adrariy Texas U-SA 
Ackerman Mtssissw U.SA 

AckworthWforkshire England . 

Adare Ireland 
Ada Norfolk England 

Ac&macao dfet Sao Rauto Braafl 
Acme Alberta Canada 
Acme N Carolina U-SA 
Acme Louisiana U.SA 
Acme Michigan U.SA 
Acme New Mexico U.SA 
Acme Texas U.SA 
A comb N 'ibrrvhif-r 
Aoomha Mrw tAs*tG& U.5 ' - 


British Airways, with one of 
the busiest freight and passen- 
ger networks in the world, ack- 
nowledges that “ over the years, 
cargo became a commodity sold 
off in bulk to intermediaries 


beneath the passenger cabins, 
but largely left it to othenu such, 
as freight forwarders and con- 

solidatorsi to drum up the busi- 
ness to fill these spaces. . % 

These companies did produce 
vast amounts of ordinary freight 
business, much, to satisfac- 
tion of the airlines, but in the 
early days of air freight, air- 
lines, including British Air- 
ways, hardly WwJ"™ 
initiatives to win freight busi- 
ness on their own account, coi^ 
centrating- their ef forts in stead 
on revenue from passengera 
pressure on airline profits, 
from oil price rises, .from 
increased competition and from 
the huge costs of re-equipping 
airline fleets with up to date 
aircraft, changed the Picture 
and helped sharpen the focus of 
airline management on to the 
potential of their cargo holds. 
The holds began to be s^enby 
manag ement as potential profit 

makers. . 

This was not before toe 
specialised forwarders had 
spottedthe “window of 

prospects m m arketin g their 
cmgo capacity with ■ 

The specialised »rward«s 
enhanced -the standard afrimrt- 
to-airport service for freight 
cargoes by atfering.comprehen- 
riv# dw>r-todbor^ **vices- 
Otiier -changes came wb en m e 
first courier companies hyjras- 
sed frei^it forwarding agents 
and went direct to customers 
vrith the offer of courier door-to- 
door deliveries .for tinte sensi- 
tive documents and small pack- 

jlgpc 

This proved to be a huge 
and still growing market as 
industry and commerce adapt to 
the availability of an almi»t 
inatamt delivery semce— to 
such an extent that production 
arrangements on some shop 


airlines, Including - BA. : are W W'SKS' BAsS^J 
adders,” which r^^ from 

the difference able Only ^n ComWde 

sanasS 


_ ge URKMliaU 

seen ownro^te of value a Concorde 

services, but is cautions zan.be use< 
^aSSS^totoe.fostcJum- as little as;. 

Sog premium freight maritet. British CatedonM^AfrsOT 
- -- - step-by- started a service forthe afr 

rJF nnalL naehsifiS. -Oh* 


which it is ta cklin g •. =»-ir -< oas «mhm “ oti ’“ v t ~ 
step." - : idivery.rf nwk 

The airline points to someof 3n aixpoxt-to-airport b*slf ut the 
its streutths in the competitive moment. This ialabeuea. ._«y 
martetthat is developing ^for BC^.its “ PriorityPlas service 
these premium services,such as ^ was launched pai lanuwr- 
14. vJn In T>m<ln«i — “ the SUP- Chhnnonts of till- to lOO kuOr 


men: in cni ii ua »» — anil was jauhm*™ — ... 

its bue in Londoiv- M the sup- shipments of up- SSi 

hub" — and its COn-. grammes can be carried, with 


JSde “fleet", “toe teen^. SS n SSnmm^^t ^ 
express service vehicle on the package set at 30:1 diob.~ * 

major route (London .to New parages me handled 

Y toSeptember, BA sectmded a ; 

concentrating on jmramima ^.packages on thenext avidl- 

•ftdglit business^ ahto-fligfai L - 

. Services tt also offbre T^ncted times 

■ couriers, epueSe for bookinit toe cargo in, down. 

nnrtet&g frSmSeffiSto^Tdursat 

^T^S^ha?P^5SS‘ a SShrowMd Wthr^ hours 
•ae “J 1 ™® r P *han dling to-one.houf at Gatwick, accor- 

TeS ding to Mr: David Brooksbank, 
manager. :fi»r 

BA Cargocentre- caT ^ • - 

This is to form a. part, ot.™* . the airiine tells ltscusto^CT 
new, - custom-buitt OOQfiOO :oaC9a package has been bpo«M 
Express Handling Unit/Espress aflight andproof of deliv- 

Services bu ildin g and .^will.^- japrovided-if this wneed^. 
house an BA’s express parcel . fbe bulk of the business, still 
business, including accomp* comes-froin the freight foiwar- 
nied courier traffic, and der . ^ ^ initiative loathe 

unaccompanied ^ires|frei^L change came fromBCal,r^w- 

as well as. Sp cc dbira Exprww- ting the fundamental change in 
The building wfll open; m nud- thinking. 

summer. ■ .: :■ ■ " •- > 


nooism Bmoge-w defend on 


focus on customers’ needs." uw 


The airlines had potentially 
valuable space in the holds 


Mr Geoff Bridges, managing 

director of BA Cargo, says some 


In a typical week this Febru- 


Profile: Federal Express 


Strong presence 




1000 pages. 


l,(KX)ard3e\^!easLftwoi^oertaiiilybeaiiepic 

vohime.’nrenthartbarity 

nttwoik is now the biggest in the^ vwarid. 

In the UJU for instance, we'll deliver to any address 
by 10am next day (With onlyafewoudyii^ areas being 
tbeexoapticaithat proves the rule.) 

Internationally meanwhile, deliveries tfdxuments 
and mer rto are cane&illy timetabled. And CfOCR 



2 5 to^D^o^dehvertoajun^ 
' 90ajuntrieswcxidwida^ 
of service you’d have 


in 
the 
to go a 



OF ALL THE major US com- 
panies entering the expanding 
European market, toe one that 
strikes most fear into the hearts 
of European managers is Fede- 
ral Express. . . 

Mr Frederick Smith, chair- 
man and founder of FedEx, 
claims, with some justice, to 
have invented the concept or 
express delivery by air whM he 
launched the company on|75m 
of borrowed money in 1973. 

The corporation s growtn 
since then has been phenome- 
nal— to toe point .where it now 
has more than 53 per cent of toe 
US market-toe biggest single 
operator — and a turnover ot 
more than $3bn a year. 

How was it done? Carole 
Presley, the British-born s en ior 
vice-president for marketing, 
says ittook“alotof hard work 
and fast talking." _ 

The first night of operations 
was very discouraging. _we 
only had eight packages, and on 
further investigation it -turned 
out that seven of those were sent 
by our salesmen to one 
another," Ms Presley says. 

In toe first year of operations 

FedEx lost more than glm a 
month— on an average trackage 
count of only 4£00 per day- 
It was 1976 .before toe 
corporation its first pro- 
fits— on the strength of an 
aggressive, and fanny, advertis- 
ing campaign ahned pnmaruy 
at Emery Air Freight, then the 
biggest of the US air freight for- 

W Later!" the company’s televi- 
sion advertising became a haU- 
mark of its operations— and 
undoubtedly helped to make it 
the best known of .the express 



,*S •; -r * 

'\t .7. li « 

If: r- 



& 



*1* 


•_£ p.*- ; 


riz ’ vi A J 

» : — ;ri - 

ir i j- 

$ ri. ^ ? 

.if f'.'rr-- 


r.V. , - -tJj. 


£1 

C-! 

« r. • 

"k < 

l~\ : >v* - ^ 

; *» 1, -t- ' « ■ 
is: ;t!*: 

?r- 

W it.-. •*« 

1*. 

L£ K- v- -* ' -S 

w c. »*■ <• . 

»c a? : •* *~i 

:«5: ! : *r.-zr* *.* 
-n 1/ #- - ret-t < 
’ “j •(*. 1t-‘ ■■ 

S L:: - < 

E’ !r' :* • +: 

liE .i:--..: ?;.T» ;> 

:'™ r : i. 

V* U. ; 

M! _ 






«s 


. 'jti7 IH- 

... 




- 1?* 



IP 

i? « 

tu« » , T* v 
0a f 5 J'F’-r 
u + e*. 


I7i *5 
-r* 


s3* tit,*! 


Tiuckfnf: a vital part of tbo doOv«nr chain 


carriers. 


There have also been a large 
number of marketing gimmicks, 
all aimed at the same goat- 
increasing public awareness oi 
the company and its service 
have included 


These 


distributing 88,215 five pound 
dumbbells to customers to 
demonstrate that FedEx could 

carry heavy items as wella® 
urgent letters, and sending 
42500 three pound .boxes ot 
iellv beans to publicise.® tarafi 
JSSuTdescSbed/a sweet 
nricing programme. 

■ Gimmicky these stunts may 
have been, but the dumbbells 

brought in 22.000 sato 

and the sweets led to Eahn 
worth of extra business in the 
following five months. ... 

And in addition to, its domi- 
nant share of the existing mar- 
ket, FedEx Is able to claim that 
it gained 189,000 or toe 270,000 
new -packages which were 
added to the market in new 
business in 1986. 

Carole Fresley makes clear 




that FedEx has every Intention way-is a-whole dIBferent : 

of repeating its aggressive “Those companies with t‘? ;; 

campaign . in . the 


European, market.. . . 

“We believe we have some 
very real opportunities on 1 the 
international front, especially 
when you consider that Federal 
Express, our name and what we 
do, Is still largely unknown to 
shippers in Europe and- that 
customer education, is still 
reqoired, n toe says. 

Carole Presley says bne.of the 
access in .the European 


; *=-' 7v>. i; 



piuvLUC a «m «uiu u.uu 

the whole of the Continental US. 

“Our ' competition is . aware 
that getting a package delivered 
to a gateway entry in the US is 
relatively simple. Getting it del- 
ivered in Billings, Montana, 
almost 3;000 miles from toe gate- 


, luua c • c umyamcak . wtui \ 

limited^ US network are v 

-disadvantage when dealing witoff. ; 
Federal Express." *• . 

- Mr : Tom Oliver, ' FederaTk; r 
seaior yice-president in charger 
of. sales; ..says the compfi^ - 
television advertising in to&p*;. vi , ■. : 
“caused an explosion' of 
ness in toe US market, ^abOUt 
what could be donej" : 

Mr .Oliver ■ says FedEx dam 
maintain its ramd sale^growth- . >V, 

.only by expabalng outside *.vJ. 

US, where growth ili the market ; ■.:«?. 
has now b^gun to slow: • 

“It is very important for usto ..v_;; ; - v. 
e stabl ish. the same high qaafity ’j ; V 
network mid dominant .mSEksst-v . -fl-i 
position in the UK and EuKyjej ; 
as: we have in the .‘US,’* he'Ji^ : - "■ 


a* • 


KevtnBrown 
















' • i ! - 

523»*-> -•+ — 




SES SBca ~‘k - ■. 

-l^oancwl Emes Monday March 16 1987 


WORLD STOCK MARKETS 


'o -* 4 LiAii 


March* 


•cWnaPit pp 


High [ low 


i Sack KK* Irar Chat Oft 

TORONTO 

Closing prices March 13 


Sack W l» 


Hfck Lai Cfca Okfl 



4400 AliCA m til's 

3700 Aborted Sft 

10993 AbWU Pr *41% 

5550 Agnteo E *32% 

213157 Albrta En Sift 

1900 Atea N lift 

3402B4 Alcan __ *«% 

1600 Algo tart «1% 

2Rt /Uflomn St 111% 

148140 Aearaora SO 

31478 A!CO I » SW% 

BBS AKO II lift 

7702 BC Sugar A 334% 
4000 BOR A S«% 

30781 BP Canada S«% 
6000 Baninar C Sft 
75086 BSl SCO) » 
251940 Bk Mont 534ia 
150967 Bk NScat Sift 
212226 BMI Can Mft 
153332 Bo* Valy 81ft 
22000 Bralonw 1« 
5244 Bramalea M0% 
148096 BraacM A 838% 


B9!«n Brkwatar SO 
900 Brands U Sift 
94191 BC ForP S2ft 

31725 BC Raa 225, 

17438 BC Phono 829% 
9600 Bnmmk Sift 
117230 CAE Sift 

4850 CCL B » Sift 

1900 CU. Rft 

16800 Cad Frv Rft 
34300 Cembridg «l% 
92400 Camp «* S3ft 
9643 Camp R«* £20 

4035 Camp Soup 121% 
353084 Campoau » »1 
1132 CCooi n p JJ5% 
103110 COC f W. 
3Q0 Can Mm S20 <b 
78386 C Nor WMt £0% 
66815 C Pacta* Sift 
WOO CSPrtof « 
1530 Can Trust «BJ 
1340 Cdn 06 f2ft 
238560 Cl Bk Coal HH'a 
7050 C Marate gib 
17262 C Ocdertal *®% 
832560 CP LKJ S2ft 
306852 dire A f SIS 1 , 
33053 CUB A I S2ft 


1 ft Jft ' 
ft ft ■ 
41 41 

317. 32 

a a 

F F 

ii ii 

ift ift 

ft n 
1ft Wl 
2ft 2ft 

II 11 

4ft 4ft 

ft ft 

78 70 

Sft 34 
1ft 1ft 
4ft 4ft 

S' s 
r a 
9 s. 

1 S’ 

i as 2ft 

i ift ift 
, in* 1ft 
, 141a 1ft 
2ft 2ft 
i 34 34 


210 210 
21 21 
2ft 31 
1ft 1ft 
ft ft 
20 20 
1ft 1ft 
lft 17 
480 480 

6ft Oft 
251, 2ft 
2ft 2ft 
2ft 2ft 
32 32 

2ft 2ft 
15 1ft 
ft 2ft 


3400 OMfPA I W 
129058 OuU C« £ 

1500 Hawter « 
40730 Hayes 0 g 
571 75 HaM W) * 
MSB H BayMn • J 
5826 H Bay Co * 
46300 Husky 041 S 
70008 h*-ew * 

arm imp oo a a 

23B166 0*0 £ 

30140 Wo* * 
5014 Wand Gaa a 
23840 mnopac | 

57480 low Cte I 
187278 Infl Thom * 

16833 Mpr Pip* * 
17015 IWCO A 1 5 

35400 Nano B 2 
32060 Jamock « 

18787 Karr Add I 
1700 iQona Old 
156830 LoboO 
73028 U- Lac | 

472444 Lacana 
857S LaWtaw A ! 
108622 Uddhr B I ! 
23560 Ltagh has 
21303 Loblaw Co 
5170 LumontCB 
20W MICC 

eee msr ex 

40253 Mdan H X 
7262 Mctn HY I 
172359 MacmOan 
44587 Magna A1 
5413 Marittmo I 
400 MC IBP* 
1078 Minfl R« 
28210 MIW Cora 
200 Matte 
30800 Motaon A ( 
3702 Motaon B 
1000 Monaco A I 
2300 M Trusco 
158467 Moore 
200 Murphy 
152899 Nat Bk Can 
8822 Nt Vg Trco 
435 Nn CapA I 
7382 NM LP A 
633180 Noranda 
8441 Moreen 
86442 Norm ord I 
11236 NC OUa 
176251 Nor Tel 
12933 Norihgrt 
825833 Nva AHA f 
18400 Ncrwaeo W 


Sift «b « 

127 2ft 28 
JZ7% 73 27 

ST2 1ft I’ 
£* *b X 
**% «% * 

St St 1 

SS S’ I 

SZ1% 20*2 a 
615*1 1512 1j 
113*4 » | 

*141. 1ft J 
118*4 M I' 

Sift Ml* 1 

S4ft 4ft 4 

Sift 16*| 1 
Sift 1ft 1 

S4ft « 4 

^ 2 % l 

Bft 243, 3 

S40 30*j : 

Sift 13 1 

*25% 257, 2 

S2ft 2ft 

SS% ft ! 
Sift 15% 
Sft 8*1 < 

Sift 13 
185 185 

S20 1ft I 

sift 2. 

38ft Bft 
S287, 28 

510% 1ft 

*«% 

300 300 

S ft ft 
*15% 18% 
f S2ft 25>s 
028*4 261, 

| 420 410 

sie iss, 

1307* 3ft 
S2ft 23*« 

■n Sift ift 
g S25*2 25*a 
I Sll 11 
S2ft 20 
531% 8**4 
SZZ7 8 2ft 
| I *20% 20'j 

St4*a ift 
S5ft 5ft 
S8*« ft 
f SB's ft 
V S1S1| 14*b 


31188 No West 36 36 *» . 

38100 Numae *«% 1ft 1ft +% 

6600 Oakwood ®5 2» » 

1500 Oated A I 136 125 05 +15 

3700 Ocelot B I Sft ft ft .. 

24434 Onrega Hyd K ft 8 + ^ 

27440 Ostans A 1 Kft “ ** 

302638 PaCW Aid S27 2ft 2ft +J» 

199206 Pgurti A I Sift 147a i5*a +*a 

11200 PaomiK S15 Wi h + ? 

5200 PanCan P 330's Ml, 3ft -h 

31400 Pegasus *20*4 1ft » ' ** 

500 Pontena fiij - 

170401 PJawt A I SIS 1ft 1ft - J 

550 Pino Point Sift 10 10 “Jp 

162320 Placer D S4ft 4«a 41'* -1 

84600 PDCO Pal SI 41 4 1ft 14 

01004 Powr Cor f Sift 1ft *ft “*« 

B52 Precarnb S 65 S S 5 

53646 Provtoo S S. 

4888 Ouo Step Sft ft ft . ? 

1M Qua Tel Sift 151, *ft +1* 

30635 Ranger SB** ft ft 

10100 Rayrock I ^ V* ft “J* 

11900 Radpalh rj4»s 1ft Jft 

0000 Rflfllonl R 200 W0 Jg +8 

200 Rattman A I S2ft ^ 

171854 Rio Algotn ^ tj* 

1075 Rogers A 52ft SS ^ 

135381 Rogare B f S2ft 22*8 2ft +h 

F- No Mtmg rtgbta or restricted wc4hig 


MONTREAL 

dosing prices March 13 


42215 Bank Mont 
106058 BornbrrtA 
1S746S BomhrdrB 
7075 CB Pak 
72830 Cascatm 
400 CU. 

11700 Con Bath 
4642 DotnTxIA 
96394 MnlTnrt 
107548 NatBk Cda 
17989 Novorco 
87820 Powar Corp 
47289 Prtwigo 
1400 RoHandA 
118032 Royal Bar* 
54778 St&inbrgA 


Sft 337, +*4 
2ft 2**4 +*B 

2ft M 

2ft 227, +1* 

Ift 14 +*4 

2ft 2ft +% 
22 2ft +1*4 
1ft 1ft +H 
1ft 1ft 
1B*a 1ft +S * 
1ft 1ft 
1ft 1ft -’4 
21 1j 21*4 +*2 

18*2 1ft 

3ft 3ft +’« 

41 42*. +1** 


otal Sales 0.700.830 share* 




-.-1B8U7 .. I . . Price 

-Mlah j Low | -March 13 Mto 

. SOB ’TOO: Ltrnnr- — ffll.fi 

- 65 45.-J6IKOP 4B.8 

*7B 1.75 _ I Kona 207.6 

'171' • 87 J Flnnlah Shear...:. 98.6 

IBB- 65.6 jMoKia- — 162.5 

B33 67.5 PofljOW “B" B1.7 

BOA 14 ^unna-Rapota-. 22.15 
X65 - 04' tetcoicmann “B*‘. 201 

-W 25J*-Kw«CW-.. - . H.W 

240. 120 jwartalla (Sll) — 200.6 

RAHCE ■ 

40B6/7 I -March IS JPrtoa 
ngh.l Low ! . ! Ff *- 


,811' I l,47BlEniprunt JK 
L650 1 7,190|Emprunt 7% I87fi|7/«KJ 
593 aba Wioor — — [ s*8 

lAJrJLtqaWa 1 


GQtMANY 

108617 Mat IS 

Hlflh . Low 

500 ; 265 lAEQ — — 

•„ 8.B76' . l.lflO AIItanz VafP. 

. SilA‘ 239 Ibasf. 

3 BO . 262.5 Bayer 

688 ■■ 416 iBnyer-Mypo —— 
. 67B i 406 Bayer- Veraln — 

80S | 

’ 645 
346 | 

377.6 
363.2 
1,253 I 





mm 



1 



K 

liw^rdSSfijS 

man 


3TTjEjn3^^5 


lp*P 

li-J.L.-ui.'.Tta 


2,780 

1,467- 

5^030 

£780 

?875 

746 

1,386 



rsafsassssK^ 

J 1.435IMMI ( W— *»gg 
i MKimoaL TM** “Si 

J 807 iPimotf IPoW — ‘ 

.|«--SSSK;«5=S:S, 



303 ] 

ISO 
630 
311*0-' 
247 j 
: 311.8 
1,374 
.430 
4,350 
747. 
1,420 

.207- 

275. 

'.•'-das.’- 
' '60S'' 

■'-8065 

w 

346 l 
- 202 

i 660 
684 I 


320 prirednerJUhk — *}£ 
867 Feld-Muehle 279 

gg BSLc=g 

.464 Hotanann CPI — «a 

168 Horten fii 

426 413 

318 Karatam—— Ti2 
350 Kaufhof— — — — ■ 462 

148 [KHD- 1 5S fl 

03 Woeokner g 

579 unde-.--—-- 

140 MAN^*-- 

fs |K2fc=d si 

■'SMSBgaBta* 

-isEsss= 3 E. 

i assess^. ^ 

I 239 tVarta^-.— ““ 

| SSBA.Veha — — ^ 

139JiVX.W —— \ i®5 

1 sia ’Voncawrapen*— I 


SWEPDI 

190817 Price 

Hl0h”SU MkT.lS Kroner 

23o| 55 AGA 1“ : 

304; 34S Alfa-LmWB- 300 

885 BOB ASEA (Prea) ^28 

625j 370 Astra (Free). 620 

BBs! 140 Atbu Copco. IBS 

1S6 Be Uer ACFree)— IgO 

3101 163 cardo (Free). 

307 1B9 Cellatoaa-— I “3 

8441 194 Electrolux B— 310 , 

899{ 189 Eric**ot» 8 242 

ISSj 113 Esaelte ——.——I J®? 

1 178 Mo coti DomsJoJ 280 
167 Pfwrmaole.- — 1 Jg® 
490 Saab Scania Free; 725 
135 3andvlK- — J®® 

ffi ■ 

157|^a.Koppaf£r0! 319 
140 SVSJ1 HandlesbnK 440 
BSojswsdlah Match-; 440 
4331 SBlivoIwo BtFrea)— i B12 



OVER-THE-COUNTER Nasdaq national market, closing prices, March 13 


Sate Mgh Id* Lttt ttng 

HWsI 


967) 

tua »« 

l,41o| 
4*760- 
2,760 

1,13a 

1^780- 
2,44V 
460* 
1.630, 
1,780 
10,3601 
l|090. 
1 , 010 ! 



Cbnt2mied Iran Page 37 

Possta 103275 32 3ft M -1 

PoiujnSv 10 172 1ft 1ft *ft + *• 

.06 32163003ft 32*» 3ft + *4 
P ^jT° 25 1ST 22 21*t 21 >j— *j 

PrrtnCp e0 IB 227 2ft 1ft 20 + ^ 


HONG KONG 

100617 | 
High Low [ 


Mar. 13 


MOBWAT 

1986(7 

->|{0b ' Low 


Mar. 18 


SOUTH AHUCA 


«S 522 j5r°SS„ f S^d aw 3 


. 100017 
W0h I LOW 


March 13. i Price 
. 1 Rand 


J:? 5 j 

60?b 2 ae-TBShgio Am od ^-1 ; 

15 i37 inglo AnvCorp-> 

300 206 Sn0loAnuOi*L. 

M.76 i X8A5 l BarclayaBaiilt— 

S^iST9SSXi=- 

■ft 

nio! iljsSortlftmtoin 

sft snawass 7 

IP 

B.s ! 5.40|Nedhanlc 

102 ( 46 Rembrandt 

66.75. 26 1 Rust Plat— — 

TC\ “a Kfcn 
5 g : a *?a isssaa 


283 1 243.^5em«en 5j - ■■■-[ ft? 
82B l 151*BKJhrWiana Bank4 
. 101' i 146. . jDen NofiXn Cmd T®®-® 

197A 131 Kosmoa — A 5“-| 

■ 103 , 180 iKvaerner ] 

JSSJJS.BS^ra®^ 

310 iiBBB fee rebrand, 1 W _ 


17.4 IBank East Asia— j 10.70 

5.15 feShayftwWJp-j ^,6-lg 

HI gS 

UBS’KeMwaon L«nd4 5.15 

20.4-*HJCCWwapaa— .s 

8A WK Hectrlo— — 

5JB URCLan d.--— r| 7.75 
BJtt’HKSwn^wIbb-) 9.TO 
9.3 iHKTrtaphlMg.-: 

6j06|New World Dev- W.40 

IOjB SHKPTOjre. SS.W 

afi2;5heM Beot 

" fcSaT2±=: 8S 

a 

a.07|Worid Int-Hlda*- 5-70 



Priam W70 ft ft ft “ ‘o 

Priced 3700M W, <ft +\ 

pSSPub 1® 1ft “ ", + * 4 

PruTR 24 153 40 47 47 -1 

££&■* ,:?aa + .i 

52 S - 08 SSiASi 

Sta .70 11 825 10 1ft 1ft , 

PrvLla M 7 73 2ft ^ 3ft J* 

PaSdBs .72 12 102 20** 2ft 2^ 9 

Purtffita M 21 02 42, 41^ « 

SS 3..50 b'°m ! 2t S 'A-i 

sss « 

RPM .72 23 113 34lj 2ft « “ T « 
RaoSys 12 290 1ft ft" * 

RsSrer i.i« l-aoe <?• IS? 


lft+ U 


Readng 
Reeves 
Rate: 
RgcyD 30 
I RntCtrt 
Rep Am. 10a 
ReutrH -59e 


23 142 20 2S1 4 26 + \ 

29 201 11*4 Ift 1ft , 

105 23 ’ft 11 1ft + b 

311 ft ft ft + b 
32 187 31** 31 3ft- U 

8 433 Wi 1ft J®* " J 4 

2074110ft 08 p°. - ? 


Rautm - a S + i 

RWRW-W 2 ^ "ft*' 


76drrekai Banb— J1.80O 
820,Toklo Marine ...Jg.!®® 
2,6907okyo Meet Pwr'8^10 
a77.Toicyo Gaa....— - 11,210 

357 T Beet —j 640 
14flOToyo Helkan - — 2,030 
OSOToyota Motor—H.asa 

BOO UBE Inds | 385 

1,400V lator 2.450 

603'fYamalui ' 785 

eaovamalchl See— M.MO 


SSS 1 ® ” & SR S ift- b 

RoadSvLIO 102401 Sft 3ft 

nScbCS 2122 1ft is «%- *« 

o~CbA 003 13»* 1ft I® 7 * 

j n^a^lBs * 297 2ft 2ft 21 “ 1* 

RonaSrr 474 ft ft ft+ J> 

Rouses .70 67 WOuM S' ™ 1ft 
RyanFs 524W1u34*« 3ft 3ft- 1* 

g g 


OT Sy ‘"')o6 WU 2ft 2ft + § 

SHL Sv* 2125 22** 22 + 

I cifCAWt 19 b 05 SSU 56^4 66^4 - Vt 

'Sf’S »»» 5 » !*■ 

Satchta .45 009 321* b 

Safecds .24 43 274 50 4ft , 

Sxieoo 1.70 9 503 5ft 59 ® 7 J 4 

Stories 22 122 21% 2ft »■ + .J 4 

gPoutaLTB 141340 4ft W* f® 4 ? 1 ! 4 

U1415 1ft b 

iSiST 28 195 Wf. Ift 1ft + b 


251179 2ft »% W«+ J* 

106 26 1 * 2ft SB»4+ b 


ICSJb! 1«R Marafcj 
477.8J. 3a4 tOrWa-l 


6TMl- 3£ t 

319 I.B56 I 

SPAM 

1066 (7 

High LOW 


I Price 
March 13 |«a* 


415 BcoBHbaOr— 
347 iBoo Central— — 
807 lBco Exterior— 1 
207 Bco Hlapano. — 
439 BooPnpulor — . 
420 Boo Bantandsr- 

695 (Boo Vizcaya- 

413 iBanestO 

1B5 Dragados- 

78 MJdrauu.^.— — 
10UBilben?u*ro~^ — 
172 Petroleoe— — 
126.6! Telefonica—— 


SINGAPORE 

.1888/7 
High law 

1.83 OJ56 
4.02 2J7 

12JB 4.4 
9.15 M 
4.06 L64 

S3 1.74 

3.40 UOB 

324 0.4 

7JK) 3X14 

2.41 0.90 

0.84 0^0 

IOlSO 5.85- 

3.85 B.1* 

1.86 OLBO 
SLB8 OJBB 

11.8 GM 
B.8B 6.5 
• 4.48 L8B 
3JB8 UHL 
B JB5 u*a 


1906(7 1 

High U«w t 


March 13 


H WTO ’T.T —re V 

141*15 1ft 1^* 1ft 

28 195 1ft 1ft 1ft + b 


Banfrds 2 
SeHMus l 
ScanOp 2 
ScanTra 5 
Scherer J2 S 
ScMA* 1 

ScrtpH JBO 1 
Soman 
SeairW-OOa * 
SaamFr 
Stribel .BO < 
Sekdns 30 
Seooor .05 
SvcMer .08 
SvO&fca .» 
StuMad .72 
Shwnn 204 
Shelby JM 
Shoneys .10 
ShooSo 
StenAI 30 
Silicons 
Silkaus 
SJmAIr 
SlmphS 50 
Siztoa 
SfflthFa 
Sodetysl20 
SoctySv.14r 
SntwA 
SonocP.BOa 
SoundW 
SthdFn 
Soutrst JO 
Scnirgn .10 
Sovran L3B 
Spacriy? „ 
SpocCO SB 
SnuSur 
StalBM 30 
Standy L20 
SrdMfc 

1 Sid Rag .90 
susraa .40 
1 StowStv 
1 Siwlrt .76 
Stratus 
SirobCl .93 
Stryker 
! StuD&B 
1 Su&anB J* 
1 SuHHn .12 
SumMB .72 
4 SumN .12 
* SunC&t 
SimGfd 
>4 SunMIc 
'* SymbT 
1 Symbllc 
Syncor 
Syntacn 


Start Kgh Lew Isn Chag 
Wats) 

22 80 23 22*4 2®, 

30 1290 T ft ft- b 

20 183 0 ft 0%+ % 

20 227 1ft 13*4 1ft , 

230440 1BU 19 19 “ b 

181290 S3** 3ft 88 TJ* 

158 10 Bft 8ft Wb+ft 

1920200 36*4 3ft 32>*-2*t 

24 5 2ft 2ft 3*b “ b 

92 51 49 40 -2 

0* 203 17% W 17 - b 

11 25 2ft 2ft 2ft" b 

1208 1ft 1ft W + > 

3068 7% ft ft - *2 

» 443 13% 1ft *ft- % 

2B3343 3ft 34% 34T* - % 

10 471 51% 51** 51%+ *4 


21 94 1ft 1ft 1ft 

341748 30 29% 2ft “ % 

12 08 14% 1ft 1ft + b 

33 119 46*4 44% 4SU 

1213 896 12** 12 Ift" b 

22 115 12*4 *2 « 

11 310 1ft ft 10 

9 14 13% 1ft 1ft 
2S1034u22 1ft 21% +1% 

M 104 27 26*2 2ft “ b 

10 402 34% 34 34%+ b 

W 296 2ft 23% M + b 

12 Bi4 11% ip* ]9t-y 

IB 248 4712 40 48 -1*4 

11 5B9 13% 13 1ft+ % 

340 1ft 1ft 1ft 

11 007 24*8 »b M + b 
231204 ft ft ft^ , 

121390 4ft 30»* 40%+ *2 

33 252 23i z 2ft 2ft 

15 70 S% ft ft* b 

42 380 9** ft ft“ b 

55 539 10% 1ft ’ft + % I 

18 18 40% 40** 4ft - *4 

006382 18% 1ft 1ft— *4 

20 1307 40 48% 40 

10 332 32% 31% ®1% — b 

50 16% 15 1ft 

11 152 23*4 2ft 23 + b 

472023 34*4 32% ®%-1 

15 395 44% 44 44% - *4 

29 59 38% 38% 3ft- b 

14 179 ft 8% ft 

I 114813 01b 2W* 21 

1G 480 20% «% ift— b 

14 304 20% 2ft 2ft + *4 

40 223 ft ft ft+ b 

25 882 3% 37-18 3% 

244 19% 1ft tg - b 

452290 30% 2ft 2ft -1% 
33 161 23 22% 23 

2303 ft ft ft_ 

26 ’40 7 ft ft" b 

928 8% ft B%+ b 


Slock Start HiOk 

fftaW 

Sytrintg 13 559 11% 
BytWTS .12 » 87 27 

T T 

TCBY* 51 2903 25*4 

TCP 6 733 W 

TSInd 78 1 2ft 

TSO 15 481 1ft 

iSten SOOT «% 

Tindon 7 1330 3 +b 

TSSSS 229» 1ft 

Telco 307 4% 

TfcmAs 4330BB 3ft 

TlCmwt 21 43*4 

TalPlus 2042 0% 

Tefcrtte « M M ft 

Tolabs 24 1503 16% 

Tutaens.OII 20 m 24 
Thrmda _ MO^ 15% 


3Com 

TopNW 

TrakAu 

TmMua 

Trnwefc 

TriStar 

TrndSy 

Tnrnaa t 


3811931 2ft 
18 920 23*i 
492 23 14% 
77 175 20 
48 73 1ft 
231751 12*4 
30 265 M 
475 1ft 


TrusJO .50 W M » 4 
Tanep 11 « ■ * 
TuesMm 14 92 1ft 
2DCrtm .32 181311 2ft 


TvcoTy Ut444u10% 1ft 

Tyson M 34 513 31 30*4 

u u 

USLIC J» 10 225 28% 20% 
JTL 19 09 1ft 18 

Ungmn 1ft 

Unm 17 329 ift 12% 

Itemed 320 0% J&a 

Unfed) .10a 5 84 23% 23% 

UnNatl 1-32 13 352 35% 3ft 

UnPtntr.lOe IS 69 K% 3ft 

Un W a m 26 2* *7% 47% 

UACom .04 99 937 23 

UBWssh 13 3 39 38% 

UBCtX 1.08 12 IBB 23% 2ft 

UCar 001.04 10 31 29 »4 

UCtyQsl.60 17 10 2ft 2ft 

UnCosF 50 6 7 18% 1ft 

• UFlreCsJO 11 5 

UHlcCr 2* 5“ ft 

UtdSvre .72 2Jj a 

US Bca .8012 G17u2B% 29% 

US HUC .16 194322 13% 12% 
US Six .40 22 322 Z7*4 26% 
USTrk .00 39 9 ft 

US Til 1 M 111 41% 40% 
UStatn .24 20 494 10% 18% 
UnTalev 42 70 31% 30% 
UVaSa 1X4 12 574 35% 34% 


law Uu Ong 

ii n%+ % 
20% 2ft 

24 24 - % 

15 16 + % 

25r B 257* 

14% 15*4 + % 

66 % 86 % ~ 1 % 
ft ft 
15 16 - % 

4% ft . 
■31*1 31% + % 
42% 43*4 “ % 
8% ft+ b 
38% 38% -1% 
15 1ft- % 
233* 24 
15*4 1ft“ ’* 
23% 23*4- % 
22*4 23%+ *4 
141* 14% | 

27 27 - % 

18>4 Ift + % 
12% 1ft + *B 
13% 1ft + % 
, 18% 1ft- *1 
, 37% 38*4+ % 
K% 33 + % 
, 16% 1B% + % 
1 23% 2ft- % 


UnvFrn 
Unvtflt 33e 
I UFSBk .40 


VBand 

VLSI 

VU Sfts 

ValkJLg 

VsTSL 

VaMI 1-44 

Ventres 

Vicorp 

VlawMs 

Vtfclng 

Vi port 

Vteika 

Vedavi 

VaWrt 

! Volvo 1.17a 


Stan Wgfi lev lad Oog 
Ofctaa 

20 148 39% 38% 30% 

13 738 77* 7% 7% 

7 63 15*4 15 15*4 + % 


V V 

35 304 30 29 

583 15% 15% 
SO 1249 u39% 38 

294717 8% ft 

6 110 35*4 3*% 

9 130 43% 43% 

W1B ft 8 

57 13% 13% 

10 075 19 17% 

10 148 24% 24 

126004 17 16% 

131031 49 44 

504 ft ft 
637 27% 2ft 
718 40% 47% 


30 +1 
15% - % 
38** + % 
ft- b 
35 + % 
43% 

ft+ % 
1ft 

19 +t% 
24 

1ft- % 
47 +3 
4 - % 
2ft + *4 
48%+ % 


10% 1ft + % 
30*4 30*2“ b 


2 ft ♦ % 

16 - %l 

1ft + % 

1 S + > 

ft- % 
23*j- % 
34%- % 
37 

*5* 

22 % 

39 

2ft 

29 

2ft+ b 
ift - b 

30*4+ % 

ft 

28 - b 
29% 

ur- b 

2ft 

ft- b 
40% — % 
18% 

31%+ % 
35 + % 


WD 40 1.33* 

Walbro .40 

WBhE LB* 

WFSL 1.02 

WMSBs .48 

WsirtGl.l6a 

w*uaiiid.04a 

WausP .48 

vretbiu 

wemer 

WstCap 

VtatFSL 

wanPb 

WITIA 

wmorc .a 
WstwOn 
Wears L04 
Wlcat 

WHyJA 1.10 

WiRtntal.OB 

WUIAL 

WUmTs .72 

WUsnF 

Windmr 

WOW 

Worthga .38 
Wyman JU 
Wyne 

XUtes 
XOMA 
XI cor 
Xldax 
Xyvyn 
Ylowfs .62 
ZenNfl .00 
ZionUt 1.44 
Zondvn 


w w 

28 661 u43% 43 

12 160 22*i 21% 

19 290 29*i 29% 

9 *96 44% 43% 
51830 33*4 32 
15 107 20% 20% 
18 303 20*4 1ft : 

13 95 38 37% 

15 79u3T% 31 

29 13 22% 21% 

13 207 17»* 17% 

8 530 22% 22% 

15 502 1ft 16 

12 191 17 1ft 

14 57 22% 22 

402355 3ft 30 
21 452 44% 44% 

257 20.16 27-16 
18 7 43 43 

21 B25u64 81 

18 258 20% 20*4 

16 465 32*2 31b 
710 11% 11 

18 214 9 ft 

724 20*4 20 

22 1439 U22% 22*b 
62 21% 21 
103468 25% 25 
X Y Z 

48 24U27% 2B*i 
5243 u30% 31% 
1327 11% 1ft 
322168 14 13% 

28 290 15% 14% 
141457 34% 327* 

17 168 22% 22*4 

13 259 45*4 44% 

34 909 29 28 


43%+ % 

22*t- % 

2ft 

44 + % 

3ft- % 
2ft + % 
20*4 

37**- % 

31 

22*4+1 

17% 

22% — *4 
1ft + % 
lft 

22 % +1 
38 + % 
44%+ % 
i 28-16 +V18 

43 

61%+ b 
2ft- % 
31% - b 
11%+ b 
l ft 
20 

2ft“ % 
21% „ 

25 -1% 

27*4+1 
31% - b 
11 - % 
13% - % 
14% - % 
33 -1 

22*4 

447,- % 
2ft + % 


; Merab IB 1 Price 

L — — ! 

(Boustoad HldgaJ 1.66 

tcoM Storage. — | ■/» 

& 5 zr=f^ 

Maw Par. Bree^-J 3.70 

Malay Wd tad—. j B.40 
Mum Parpoae— ; 0.70 

OC8C ! ».TO 

OOB- i 3.70 

public Bank. 1 Wd 

81 me Daitay. — ~) R-®1 
smoapora Air— - .10-60 
Wngaporo PrwaJ T.9S 
straits TVdB — — f-O® 

rat Lee Bk. 3.10 

UO B . I W» 


34 v 000il9 l S0o|Banec Com’le— 

876 1 BaatpBHRBS 1 

16,400) B,?6frC.LR...-- r -----| ^ 


aaaLa Rlnascento^- l,|» 
S,706]Montadleon B.|°5 


iS;sa «i55SSsK=q*a« 

8,B7a 6^085|P(reJU Co. — 

Ii! CBBSSS=d SS| 

jgaas 8 ig!tg=:kwsl 


NEW YORK 


Indices 


Mar. j Mtf- 

10 I *1 


gaass snsBs& psiBpaa** 

Home Bed i 84.8al B4^s~ 94.06 

Tran^^i ^- 38 ]^^ 

5555 ^ 3 017 .^ ^^ 

SaVaHlah 


10 I 9 

sSSjoaESSiai 


040.01 B44. 


1006(67 ) Since Comp 

f*' I wahl UrtTlWhl Lcw_ 


NOTES — Prices on Ihla pegs are at 
ouotad on the taxBvidesI exchangee 
and are last traded prices. # DeaOjJ* 
aaapandeiLxd Birihrideirf- « Ex aota 
wave, w Ex rights, aa E* *■• "Price 
B Schillings. 


1006(07 

Low 


6(3/87 agjUBq Ml” W* 8 

SBtiwSj 

fssaws 


h i Lew AUSTRALIA 7 «** 1 UOi >1648X ,8 *M J?{!{S£ 

i ~ «»i». «"■» 


si^asj 3 


SSBja! 331.8X1389 


* i mu B34fa.UA rBBBO.XF»» 

~sjia3X " g aacgj iS 


rT^noif 31.07 S l-0«l | — I B/8(B7lBj/i/a**l 

-J « 44 AjaaBJ« 3 E isss-jaa-^, 

-r«-v T ^ 

“rr?»i 1 w ; 1 . — : .mlTTi^r SSSS« 5 >*™« 

__ I uar. &. Feb. 87 i U— rrr Tn 


Bm.wrt.tafflkgJ RU>I 1WW 28L95 I 1 MUi 0»<_ l 

Kaggontai Luile«s|«*.iH"?» !!SregSS!^ 

agl!aa-«wmi !■»<_ ">*' 

|«u « ■u__gu|»^!Mg »jgg 
aegtaejnaa. 183 W 1S3 S3hmg! 
g«Sre 9 M.^BTM|aB! BSlWJM 


ffSSkAkMenCMlT 

g^^tas*SC (lfl/84) 

DENMARK 
Copenhagen 0BW 

FINLAND . 
UnltaaOenL (1W1 


SBL17, 2760. 


’What’s special about th 
Danish companies?” 


arm Rank toeifeflen Branch, Assuramtor-Societetel, Ban^ys Rnans 

Boiiden, Buch+Dachmarai, 
White LM-De^teecom 
A/S 'Danish Thntey Dairies Utf.. Dareiebrog Shipyard Ltd-. 

Danske Bank, Domi A^DtjaceH- 
(MS Det Bstasiafeke Koryagni), HS 
Fiinhpth Anten Ess-Food F. L Smidlh & Co. A/S, FOriaget Management 
A/S Fristo Sol is A/S, Ginge Brand & BeWronik A/S, Granges Dannrarii 
JU; Haidar lapiae A/S. HeUeju p BanltA/S, 

Henriques Bank Akfieselsteb, K« <filfa,eTO,, 8^P“ ,, a A * / f" 
^MWhank, A/S Mro 

Pvicp mate hinB piivatbanken A/S, Rewishmsfinsiaet C. J es P er ^y* 
Sfcandinavfsk Thbakshompagni, Uv^Dtsftntq, The 

. Altaiiwalelndial Uhfllfi Bank. 


BsnoaCMWtt. ftaLQO; 

I JAPAN** 

Wkkel fJftMD 

Tokyo 8E Haw 14HW 


\mM | 079JH j 681.00 | 0MJ 8 gw» 


auswl iwiLa 

; 1340 I W4U4 



dividend vrajs J Mar . 6 ~- 
" ^ 95 

Pow todUsM o* — 

• —4 d Induftrill J 3*^ — — 


3.01 

Feb. BQ 


3,00 
Fab. vH 


" i g.oa i a- 77 _ 


AMPJ0B3 irutus t Q676) 1 7x0 

NORWAY ~ flZZ 


xwnMVMZ «** 

1 644 Al 5/6(87 WSB 


U9.4 »U {BA 940.4 

881. 1 60BJ (18/8) *50 ff/5(8*) 


— argg~ r"~gSa 1 NORWAY 4MJB «a.n 4S7J4 4M.B5 

.«dPlndu«ti1»lJ- 1 — SBrTr^ 1 ^ 0 - 8 *— — u „ Oslo BE (4/T/M) ■ - t 

Mew Yertc __ l^^ , r^£T-j-i3feS' SNOAPORE TflMjM 1B7SLWP W 

TRADUWACTI*/^ ^ ^W1 | ^ atroira-nraeaCttW, M4L15 

1 *??• H FolSr.!!^^— “*l 439 | 445 SOUTH AFTOOA _ uM7J 18*0 1885J 

ssS 3 jL_SJJl 

-~rT~ rc* 776 - m*ajw I 2 ta.tr smjs 282^1 iso* 


CANADA 

Sa.£Ec. ! ri,dr — 

H*”** 1 ^ YORK ACTIVE STOCKS 

o»re *S 3 “SSSf *5 

Md» “S 5 cl g ai L hrts-^saffiS & *\ 

usraa c? g; i’J u» ®> , ‘ , K ^s 1 iSa 5 S - S 

8 rL=®B® +s sssb^ m "*' * 


SOUTH AFWOA 
J8E Odd casgiJD^ 
JSE Induet (28(8/78) 

SSflgHM/TW 


_ 1*474 181*4 18*54 i *1« 
”■ 1^4 18114 WTIB4 (1827 


I TOWMOT »»141 (44) 
1062. 8900/5/87 58544 W) 


IM4(1M/8n 118JLT 
27.0(27(1/87) 1 10184 


21047 268JB j 25245 


(10184 0U1/8B 

Jmwa/i/flsT 


They are all regular readers of the . 

FINANOAL TIMES • European Edition 

For father intarmaBon about Ascription rates m S candiiHviai 
please contact K. Mikael Heuuo in Copenhagen. 


t — Bwn .-I J£!L- 


linanow | — — 

«u bmj a» a»_ f^gg. 

gP^ MLniiwl ~ qjVniuJrt^ 

« Soturdc M.reh 7: J.pw> 2 k llcoO^JSE &oH— 

B*ae value of all Indite* »« “®K* B 2^SJdi M rv and Matala-MO! 
2GS.7. J3C ‘ l nd “ trl ?it^?3.M^ l u^Poop^10 W and Toronto Composite Md 
WSE All Coremom-efc Suro®*” 1 Ci^wr^^^’and Mcntreiil Portfolio 4/1/83- 
riintnln 1 0 **r> Toronto Indloti baaed 1*76 ana r™ iq nan cl tlx and 20 

ffirt bomii- *400 Indwtrtali phi* 40 UtiliMO. « Hnanc. 

TraSpofS- c-Ooaed. u UnavailaMo. 


01-134441 


v- 


























3e 


Closing price t, March 13 


Ftiiandal TUnes Monday. Mar* 16. 1987 

NEW YORK STOCK EXCHANGE COMPOSITE CLOSING PRICES 


IZMdr* 

Wgk taw 


Such 


Ckp 

f i a* out Pit*. 

DfcYU. E 100*^ 1 m Ok* Qua 


33 a 
3ft 2ft 

383* Si 
40% Wl 
13 8% 

ft ft 

62% 47% 
271? 

24% 2012 
13% 8 
40i # 283, 
17% 9% 
32% 28% 
83% 381, 

34 a 

14% B 
B 6% 
23% 18% 
10*1 1«» 
2T% 12% 

32% 12% 
10% 5% 

20 13% 

21% 18% 
18% 11% 
881, 58 
54 51% 

50% 21% 
28% 18% 
5% ft 
48% 28% 
35% 18 
11% 7% 

20% 17% 
17-32 % 
10% B% 
108 97 

861? 

27% VTi 

a u% 

23>, 13% 
5Q»« 32% 
38% 27% 
51% 37 
42% 24% 

48 341? 

88 65% 

20% 111* 
19% B% 


AAR | JO 1.0 23 404 32 31% 32 + % 

ADT .82 25 21 B38 U37 35% 38% + ft 

APQ s .129 .3 12 B13 u41 39% 41 + 1% 

AGO 22 109 38 37% 37% -% 

AMCA 11 B% 6% 8% -% 

AM mu 802 87* ft ft -% 

AMR 12 4889 58% 56 58% -% 

AMI pf 2.87 ia 74 26% 26% 26% +% 

ANR p* 2.12 8.8 8 237* 237* 237* -% 

ARX 8 13 621 11% 10% 107* -% 

ASA 2a 42 1643 u4S% 47 47% -1% 

AVX 20 038 15% 15% 15% -% 

AZP 272 15 11 1209 321* 31% 32 +% 

AMLb s .84 1.4 Z7 2252 63% 61% 61% -% 

AceoWdBZ 20 20 644 32 31% 31% -% 

21 24 153 13<* 12% 13 

40 a 10 8% 8 8 

15. 104 22% 22 22% -% 

1.3 1* IS IB 18% 18% -% 

29 16 221 91% 21 21% -% 

3059 20% 20% 20% 

98* 9% 8% ft +% 

4 19% 19% 19% -% 

54 21% 207* 207* -*« 


AcmeC .40 
AcmeE-Sa 
AdaEz342a 
AdmMa 24 
AdwSy&Sa 
AMD 
Adobe 

Adob p( 1.64 9.6 
Mob pi 240 11. 


Adtos(.12h .9 (1 313 13% IS 13% 

AetaU 276 4.1 It 2471 877* 67% 87% +% 

AML pfZBto 54 7 51% 51% 5»% -% 


AflIPb 3 32 
Ahmnsa.BB 
Allmn 
AlrPrd 4 .80 
AbfaFrt .80 
Atagaan 
Airtae n.40e 
AlMoen 

AlaP dpi. 87 24 

AW* pi a 44 ao 
AJaP pi 828 &7 

AJskAir .18 
ARmo S -24 


.7 a 981 48% 48% 49 -% 

24 8 2000 361? 20 26% 

332 37* 3% 37* +% 

1.8374 750 451, 4ft 4ft -% 

1.9 15 1835 33% 31% 32% + 7* 

06 37* 9% 9i, + % 

62 19% ie»6 l®% +% 

128 15-32 13-32 1532 

18 W% W% 1ft 

2100 109* 105% 10H* 

*300 BS 95% 95% -% 

J 18 1563 25% 247, S -% 

1.1 M 21 221* 21% 21% 


£5 


53% 38% 
271* U% 
287* 20% 
451? 317* 

49% 38% 
10% 8% 
6 % 2 % 
40% 251* 
471* 32% 
46 32% 

19% (0% 

41% 32% 

30% 18% 

IF* % 
297* 6% 
53 aft 
347* 32 
IK 75 
23 21% 

38% 231* 
53% 34% 

119% 113 
25% 21% 
35% 29% 
247* t«% 

77* 3% 

» 63 

31% 24% 

80% 53% 
18% 11% 


AlexAlx 1 
AHmdr 
AJbgCp 
AJgint 
ARjm pr 
AJgl MC 
AJIgPw£BZ 
AllenG .58 


AmAgr 
ABrcK g 
ASmd *2.06 
ABrd pf275 81 

ABrd pf267 27 


48% 34% 

24 


IS 

17% 


54% 

20 
437* 

107* 6% 
947* 71% 
1017? 74% 
79% 547, 

23% 13% 

5 2 % 


38 22 

381* 17% 


»% 

19% 

24% 191* 


IS 


121? 7% 

a a 


71% 51% 
81 63% 


51 56<4 

277, 21% 

52% 461? 
52% 471* 

51% 301? 
17% 13% 
17% 13% 
127* B% 
4** 26% 
134% 89% 
341* 22 
34% 191* 
331* 23% 
12% 10% 
31% 21% 
31% 25% 
67, 1% 

77% 54% 
50% 327* 


AlbCuMBA 1.2 27 13 19% 19% 1ft -% 

ARttsns.98 10 17 5J» S* ££ “S 

Alcan .a £2 17 9998 37% 3P? 38% -% 

AleoSM JB 25 19 173 50% 50% 50% 

3.3 20 6170 30% 291? 297* +1* 

127 a 431* 42% 431* +% 

13 9 85% a as -% 

9413 245 a 241* a*]* 

322 u 197, 19% 19% + % 

592 36% 08% 86% +% 

8.7 11 1003 44 43% 43% -% 

31 73 W% »8% 18% 

Allen pf 1.75 7.5 14 23% 227, 231* 

AlkJPd 13 W 41 39% 40% - 7 , 

AldSgnl.aOb SB IS 3883 «7»* 467, 47% -% 

AUdSup 31 348 9% 9% 9% -% 

AJItsCn 48* 2% 2% 2% +% 

AhaC pf IB 307, 3fi* 30% 

ALLTL 2.04 51 K 581 *0% 361? 39% -% 

Alcoa 1.20 2.7 2247 437, 43% 43% +1, 

Ama* 373 2219 191* 78% 15% -% 

Amu pi 3 7.2 5 41% 41% 41% 

AmHeo 1763 301, 29% 29% - 

91 1 15- 18 1 + 

459 29% 28% » -% 

4.2 16 1789 «8% 48% 48% +% 

115 34 33% 33% 

3 Q6 OB BB — 1 

ABMM .a 37 16 47 24% 24% 24% -% 

ASusPT.a 27 17 B* 2ft 23 29% 

AmCaml.60 33 13 6781 481, 47% 481* + % 

A Can (413.75 12 17 114% 114 114 -% 

ACapM.20 ft 4 125 23% 23% 23% -% 

ACapG5B2fl 17. 15 a 34% » +% 

ACMH la 46 14 213 217, 21% 217* +1* 

ACentC 131 4 31* 3F, 

ACyan 1.90 2.0 22 3034 97% B5% B61* +21* 

ABPw £» 7.7 11 4822 29% 29% 291* +% 

AmExpl.44 1.9 14 7323 78% 77% 77% -7, 

AFamla-22 1.5 12 13a 14% 141? 14% -% 

AGnCp 1.25 29 10 16a 43% 43 43 -% 

AGnl wl 198 201* 20 20% 

AQnl p)A404e7.B 10 521, 621, 52% 

AHBP n 398 18 17% 18 

AHwit V32 31 B 1 42% 42% 42% -% 

A Hoist 10? 8% 8 8% + % 

AHema3.34 37 IB 2273 92 90% 90% -% 

Anttv: a 5 55 If 2887 90% M 90% +% 

AlnGr a a .3 15 1359 75% 74% 747, +% 

AMI .72 38 2418 IB 18% 18% 

Am Mot 9614 4% 4% 4% -% 

AMotr pf£38 56 267 36% 38% 381* 

APro&d .SO 1.4 49 1384 S 34 34% +% 

APrsd piaso &i 4 n a a +% 

ASLHn 3 818 19 181* 18% -% 

ASLH pl218 9.4 61 23% a 231* +% 

ASMp .40 4.8 13 83 87, 8% 8% +% 

AmStd 1.60 24 9 300 48 47% 47% +% 

AmStOf .84 1.2 18 245 m? 68% eg -% 

ASd p<A4.38 5.7 a 77t? 76 78% -1% 

AStr praaM 12 11 581, 571* 57% -7, 

AT&T 1.20 amt 19123241* 231* 23% -% 
AT&T 01364 7.1 31 51% 51% 51% 

AT&T pf374 72 7 521* SI* 52% 

AmWtr1_20 25 18 78 48% 40% 49% 

AWal prl.a &1 Z210 161* 151? 15% -% 

Z«»15% 15% 15% +% 
83 12% 12% 12% 

8 37% 37 37 -% 

51 3 1151? 115% 115% +% 

£8 13 11 u34% 34 84% +% 

A 24 342 277* 27% 27% 

32 19 262 31% 31% 31% +% 

&0 40 12 11% U 


12 — 

Ugb Lm SBdt 


o> 

f! Sta non Phn- 

Hi,. YU. E 100* HP law OoataCtaw 


847i 487* Befltno 140 2 ./ 12 3156 52% 82 ®% - % 
a* S? SSui^UB 852 80 Tft JJj.-ji 


Sft 48% Brt»'ptca50 £2 1 W| . 

53% 367. BMtBar.M J 38 78 Sff* »l| K% -% 

HP? 37 * Boidwal.12 £0 If «« 53* S, 

22 23% Baniwa 1 24 16 947 417* 41% 4W* -% 

SS S BO&. J « »» S* fa t 

in* nil BGattsnJ95o 2^1 49 15 14% 147* — % 

28 23fi BosEdifiA MW # ZA mi 

% w ease ptaa 8.7 *tso lazu 101 

131* 1QB* BaE prl.17 11- H l? 4 

17 4 16 BeoE pr'^ at ® 18 IS. . , 

42% »% BorraficJBQ 1J» 7® If* S» t> 

<2 31% BriflSi 1.60 42 20 295 38% M »* +% 

103% 67% BrtsM £W 18» 33W 98% BP* W% + 2 

197* 18% BrAlf pp 760 1fl% W% “9% —% 

If 8 S* RB9 1^, «% «% -% 

5 S% BfBPt1l40i 4.818 »* +?. 

.. 20 firtlTd 1.389 3.6 18 408 », 38% W* +% 

101, 10 10% +% 


ifl. 7i* Brock n SB ioi, w iia* t •, 

S S Brefcw* & aOIS 587 31% W% +% 

287, 22% BWUG81.66 &1 » 70 S 4 S 1 

30% 25% BfcUG pffi.47 &3 ! ® 


30% 25% BtdJG pffi-47 
301, 17% BwnSh .a 
43% 31 BrwnGflJSO 
62% 34% BrwnF JO 
44% 28% Bnwwk .60 
3S7, 25% BraMWl .66 

24% >8% Buckajm 

287* 2CP, Bundy -92 


U8 15 22% ®% 22% -% 

40 17 312 38% 37% 37% -% 

1J 31 1154 8Ht 81 81 -% 

V4W 2325 43% 4T% «% -n* 

USD Ifl a ® 351, -1% 

38* 23% 22% a 

_ 1512 2 a 2S% a +% 

23% 21% BunfcrtO.16 9J « =2* S!* 5S* + I? 

24% 17% BWny 1508 8.4 240 «■ «% "% 

28% 19, BurteCt * 168 I|2B% 28% 08% -% 

— * - 33 a 1428 48% 47 47% +% 

£0 17 1810 87% 68% 67% +% 

59 16 9% 91* 9% -% 

24 200 Iff, 18% 18% -% 


50<, 33% Surflndl.64 

82% 46% BrtNth 2 
9% 7% BrfNo M 58 

19 11% Burody 


Q C C 

33 21% C81 In JO £0 41 286 30 29%M 

54 50 CB1 pf 104 53% 52% 8S% +% 

164% 121% CSS 3 19 a 488 158% 16»» 1®^“ fa 

S% 37, CGX S4 4% 4% +% 

1»* 10% CCX pt 195 11. *300 12 117* 11% -% 

77% 51% CIGNA £80 «KJ WK 64 BO, -% 

37F* 2B 1 * CK3 pi £78 £4 220 29% 23 29% -% 

04 «% CIO pf 4W&9 82 5B% W% «, -% 

3% 1V18 *JC1C 138 1% 1% Sl +J« 

75 471* CNA Ri H) 335 6W S “% 

141* 12 CNAI 124 £1 ® 135 » 15* 

30% 18% CNW 11 358 K% »■»%-% 

32% 23 CNW pi £12 7.8 68 28 Z7% » +% 

487* 28% CPC ■ 124 26 21 2521 49, 48% 48% -% 

39% 28% CP Ml IN &0 11 129 321, 317, 317, -% 

2*% 22% CRUM &33a 14. 12 214 24 2« 

27% 1»% CRI Dn£0*ta9 194 20% 20% 2W* 

1^ 13 CRS3 34 1.9 W 34 17% 17% T7% -% 

37% 25% CSX 1.18 14 12 2063 3«% 33% 337, -1, 

44% 251? CTS 1 3J 21 26% 26% 28% -% 

15 7% C 3 Inc TO 1318 141, 13% M 

36>« 24 Cabo, St 2.7 14 2X02 34% 33% Mf? -% 


_ . | Z8% 15% Caesar 

+ £111018 8% CamPn.078 

1B 42 27i* CalFfldm 

13% 6% CalRE .60 

21% 13% CnlThn JO 

61% 23% Cafmat JO 
15% 4% Caltonn 

15i, 8% Camrnf .04 
25% 14% CRU a « 

21? % CmpR s-ia 

68% 50% CamSp 144 
18% 10 Ctfl’BC s .48 

45% 71? CanonG 
337% 214% CapCfts 2D 
38% 29% CapMd.68 
W% 87, * ' 


107 28% 26% 28% +^ 


16<I 12% 

28% in. 


38% 281* 
77, 2% 


25F* 18% 
24% 1«i* 


as 24 % 

29% 22 


1411 


131? 

221 * 

63% 


An loo a 

Anchor V48 
Anodic .6* 
AnglCrnl.44 
AMiflUi .48 


19% 8% 
14% 81* 
11% 7% 

15 6 

341* 30 
31% 281* 
28% 12% 


23% 161* 
30% 17% 


33% 277, 
301* 17% 


„ 16% 
12 4% 

26% 13 


21% 

SP 


a 


41 


in, 3% 

24% 91* 

31', 20% 

a 22% 

110% 76 
221, ,o 
as 24 u 

68% 42 

15% 9% 
22 16% 
48% 32% 
73% 451* 
170 MB 
19 11»* 


» § 


24% 

31 T7 
48% 29 
4% 3% 

S'* & 

53 38i« 

M ’ 4 

38% 26<* 

31% 17% 


8% 3% 

40% 23% 
17% BF, 
24 17% 

45% 32 
** 
39f, 25% 
B4 BO 
331, 22% 
47 18% 

17, % 

59 32 

84% 21% 
537, 48i, 
46% 87% 
18% 91? 
43 39 

73% 44% 

16 71* 

341* 29% 
92% 41% 
25% 15% 

50*4 221, 
4Wi 29 
407, 31% 

121 , 


AWn SprlJS &3 
AfflMoll 
ATr sc 
ATr wi 432 51 
Amem« .96 
AmesOOO 
Amelak 1 
Amavsaoe 
Amm 

Amtoc pll.a ao 6 3Wi 31% 8T% + , 

WAmtsc 751 27, 2% 2% -% 

Amoco 3.30 43 28 2964 77% 78% 78% 

AMP .00 1.7 3? 893 49* 4 ff>* 48% -% 
Ampco JO £2 154 13% 13>? 13% -% 

Am mp3 14 49 141? 14% 14% 

AmSth 116 £T 10 384 31% 31 31 -7, 

Anaonp 74 8141 7% 7 7%+% 

Anadrk .30 12 2221 25 24% 34% +% 

47 270 20% 20% 20% -% 

48 48 107 31 31 31 

£2 18 6 28 277* 277, 

£8 26 15% 15 15 -% 

1.3 21 2980381* 3S% 35% -% 

AnheupraeO £8 27 138% 138% 138% -1% 

Anthem 35 304 14% 14 14 -% 

Antftnjm.44 at 33 69 H% 14% 14% +% 

Apache JB £7 346 10% 101* 10% -% 

ApcP un .70 £2 1480 7% 7% 7% 

ApPw pl41B 13. 35 317, 31% 31% -% 

ApPw pQ.80 11 7 28% 28% 281? — % 

AppiMg 31 1006 26% a 26% +% 

ArchD 3.10b .5 13 6835 » 19% IS 7 * +% 

Arts® n 17 523 297, 29% 29** -% 

ArtP pf 158 ia 336 28i* 2B% 28% 

ArtBsta.38 1.7 12 498 21% 20% 20% -% 

ArtOa 1.08 4.8 19 411 22% 221? 221? -% 

Armco 444 77, 7% 7% -% 

Anne pfltlO 11 2 ?0% 20 20 -% 

AimaObW £4 63 19% 19% 18% 

Arm WIa.fr! £1 16 468 40% 387, 391* 

ArmW M3. 75 7.0 zlOO 53% 53% 03% + % 

ArowE 20| 1Z7 7% 71* 7% -% 

ArowEpll 94 13. 91 15>* 15 151* 

Anre 43 113 31 31ft 31 +% 

Arvm JB £0 M 181 34 33% 33% -% 

Amin pi 2 IB 1 106% 106% 108%-% 

Aaarco 1598 207, 20% 20% +% 

Aaarc pf£25 &f 653 36% 36% 397, +% 

£7 12 441 96% 88 66% -% 

14 79 13% 13% 13% -% 

£5 39 18 167, 16% 167, +% 

7.1 11 x178 37% 38% 37% -% 

54 22 4864 73% 72 73% + 1% 

1 U173%173% 173% +B% 

63 U19% IV, 10% +% 

AudVO 13 1779 7% 7% 7% 

Augat .40 £0 43 273 21% IV, 21ft -s* 

Auxlrm.20fl .7 T6 242 271* 26% 28% -% 

AutoOlS .38 .9 28 BSD 45 44% 44% -1* 

Avalon 23 57 4% 4% 4% 

AVMC s .50 1J 16 3 u47% 41% 41% +% 

Avery .78 1.6 20 289 40% 4ff* 48 -% 

Avne* JO 1.5 50 228 33 32% 33% -% 

Avon 2 £6 14 1804 30% 30 30% 

Aydln 17 81 30F, 29% 30% 

B B B 

BMC 74 81* 8 8 -% 

Batmen. 70 18 IB 517 38% 38% 38% +% 

£613 2210 161* 16 16 -% 

£1 20 25 21% 2ft ZT% +% 

21 15 380 39% 38>« 39% -% 

10 24 2001 201, 18% 19% +% 

£6 M 1306 32i* 31% 32 

Bed pffiMJO 7.5 zITOOO 00 60 -1% 

BncOne.84 £0 12 <71 277, 27% 27% 

BncOr .71* 1.7 13 41 40% 41 +% 


AslUOUl.m 
AtalSon 
AUilond.60 
AfCyE1£62 
AHRtcti 4 
ABRc pr£80 1.6 
AUasCp 


Bkrtntl J9 b 
B aklor .44 
Ball J 
BaHyMl.20 
BaUCEI.60 


2S S' _1 -WM% 20% CwE 


a. 


26% 15% 
SB* «i, 

& 5f* 

331* 23 

29% 20% 
28% 16% 
447* 31 
1S% 9% 
66% 361? 
17, 5-82 

23% 17 
41% 34% 
77 58% 

31% 247, 

Z7% 18% 


Bam els. 80 
BaryWr.00 
BASK .141 




34% 


46 
601* 

38 21% 

7B% 441* 


38 30* 

31 19% 

& 5“ 

S, 8% 

541* «&* 

Z7% 6% 
221? Ml, 
29 22% 

34% 117, 

25% 14% 

20 % 

35% 


55 


BanTev 

Bandgs .70 1 J 22 353 u5B7, 567, 59% +1 

BkBosa 1 £9 14 2144 34% 337, 34 

bkb pmaoee&o 143 51 51 51 

BkNY a 1.68 £BB 437 43 421, 42% +% 

BnkAm 4703 127, 12% 127, +3, 

BkA pf£35fl £8 38 347, 34% 347, 4 r! 

BHA p< hit 36 89% 38% 58% -FI 

BkA pi 268 133 9% 9 8 -% 

BhARty£*0 7J 14 SO 31% 30% 37, ~% 

BnfcTr 31.68 £5 8 3068 47% 46% 47 - 1 . 

Banner .08 J 15 374 25% 24% 2SI* +% 

Barely nl48a 4.5 96 2 33% 33% 33% -% 

Bard s .40 .6 28 1514 48% 47% 48 -% 

BamGp 1 2.5 W 3 40 40 40 

£113 118? 387, 38% 38% +% 

£5 21 110 17% 17 171* +% 

17 IBB 8% 81* 8% +% 

1.8 19 1023 48)* 47% 47% - 

1.7 13 8077 25% 247* 

BxTT pfA£9Be£3 13 477, 47% an* 

BalT pfB£50 4.2 884 84% 82% 84 +1% 

BayTOl 20 .8 as 11 25 24% 25 -f. 

BaySGs144 4.8 12 62 uSOU 29% 30% +% 

BoarSt .*«> £3 10 735 20% 20% 20% +% 

Bearing 1 £7 73 a 367* 36% 38% -% 

1.3 2*47 151* 147, 1*7* -% 

1.1 23 1184 65% 64% 651, -% 

253 15-32 7-18 1532 

1J 15 57 21% 211* £1% +% 

1.4 15 1070 45% 43% 48 +% 

Ball All S3. 60 £1 12 2201 71 70% 70% 

BCE fl 2.40 8 455 u31% 31% 31% +% 

BeUInti .32 7J4J 50 24% 24% 24% 

BeUSOtza 5.5 12 450Q 40% 397* 4Q 

BeloAHjq 1.3 21 152 06% BO 6OI4 +% 

Bam la .72 £2 18 78 33% 33 33% -I* 

BenfCp ? 33 1294 61% 60% 60% -2 

Benef p!4.30 £3 2 52 82 Si! 

Banal pfZHJ £7 zSOQ 29 28% 28% 

Ben aql 1.20a 4.0 8 13 30% 30% 30% -% 

Bangs 23 409 5% 6% S% -% 

Bertwy 189 6 5% 5% -% 

477 8% 9% 91* -1* 

1340 71? 7% 71* 

BetnSlpf 81 20% 2W, 20% 

SetfiSpB 104 10% Rj 10% -u 

Bevrtya JO 1.122 1850 18% 17% 17% -a, 

Bov*> D2.138 £5 15 194 25 24 25 +% 

Btacfl 49 216 20% 19% 20 -% 

BlackO .40 £0<0 2146 20% 19% 197, +1, 

BlkHC 31.20 £3 13 85 22% 217* 22% + £ 

BlkHR 1.48 26 26 252 53% 53 53% -% 


Caring g .48 


38% 202 CartWW.IO 
9% 7% CaroB’n 


42% 317* Caron .50 
47, 301* CerPw £76 


4V* 

401* 


18 2H0£i29% 281, 29% + ft 

145 97* S% 9% +% 

£0 6 1438 3ft 38% 38% +% 

£0 «3 7% 7% 7% +1* 

£356 39 21% 21 2ft +% 

18 18 121 51% 3ft Sft -<* 

16 334014% 12% IS -ft 

J 34 15 W% 15 +% 

1088 25% 2ft 24% -% 

221 ft ft ft +% 

£2 19 1096 66% 63% 68% — % 

30 1204818 % 177* 18 -% 

13 2675 ft 8 ft -1% 

.1 30 107 335% 333>* 333% -3 
£8 7 1343 3ft 3ft 34% -1* 

29 13% 13% 13% -% 

2£ 17 27 38 37% 37% -% 

<5 ft 8% 8% -% 

1.5 « 371 33% 33% 33% 

7.0 10 750 3ft 3ft 3ft +% 

3ft 25% CarP pr£67 1£ 9 25% 25% 25% 

GarTec£10 £4 25 46 39% 38% 38 

CarPira .70 1.8 23 427 39 38% 38% +% 

57% 28F, Car1Hwl22 £2 35 687 5ft 55% SV, -% 

151 97% Gartwi JO .7 29 205 125 120% 12ft -ft 

22% 13% CartSvrLtJTr .4 7 132 17% M7, 17 -% 

20 Ml* CaxNOJB 7J 70 2 1ft 1ft IV* 

2ft 14% CattCk 40 2564 221* 21% 2ft 

24% 15 CaMC p( JO £9 1065 23 2ft 23 

55% 3ft Caterp JO VI 80 1180 48% 4ft 489* 

ft 4% Cenay 80S 8 7% 7% — % 

673* 4ft cental £50 £7 18 256 1168% 67 88 +% 

27% 82% Cent n£S6 117 22112ft 22% 2ft 

40% 29 Centex J2S .7 13 629 3Si* 34% 3ft -% 

88% Cen8M£28 £7 8 1203 34% 34% 34% 

81% CenHtMEJB IV 8 2027 27% 2ft 27 -% 

CMU pM.50 7.8 z300 57% 5V* 67% +% 

30% 82% CnllPS 1J6 £7 13 30 2ft 25 25% -% 

38 3ft CnlaEffi.08 £3 10 68 331? 33% 33>* -% 

CUB pM.18 1£ 23 32% 32% 32** -% 

7.0 13 250 20% 197, 20 -% 

£7 8 33 28% 25% M% -% 

44 520 5% 5% ft -% 

43 13 387 ulft 19 19% +% 

£910 29 20<* 20 20% +% 

£3 13 143 38% 38 38% +% 

17 18 3860 38% 37 37% -7* 

1180 ulft 13% 1ft -% 

1153 5% ft ft +% , 

83 8-18 9-16 0-16 +1-1< 

48 ft 47* ft +% 

Chase £18 £66 258938% 37% .38% 

85 7ft Chase pfftTS 7.8 2 Oft 9ft 8ft -1% 

57% 5ft Chase pf£2S 9J 8 837, eft 90%'-% 

54% an* One p!4.13a £0 3 5ft 6ft 5ft +% 

53% 49% Chat pOTSt 7.3 500 51% 61% 5ft +% 

2ft u% Chaus n 11 362 1ft 13% 1ft 

— 3f) ; aiJ j jo?, 


St 

58 48 


3ft 32 


20% 15% GeMPwL40 
31 2ft CVtPS 1.80 


ft 4% CentrCp 
)ft 1ft Cnpy 71 .84 


2ft 

38% 3«% CfUaodSO 
40% 22% Chmptn.64 


13% ft 
6 % 2 % 
1 % 
ft 2% 
49% 34 


ChamSp 
vjChrtC 
vJCht wt 
vtChftpt 


121 

H%k law 

S* w, 

s § 

43% 0% 
1ft 


164 a, 


I61* 
at% ft 
4V* 28% 
132% 65 

««S »% 

130 80% 

35 17% 

48 37% 

1ft ft 
8ft 61% 
84% 50* 
13% 11% 
81% 491* 
83% 57 


Stock 

OapwM 
CpwldpR48 
CW8M .64 
CemGl 1.40 
CttSttf.SI 
CTSF n.Olo 
CWCnfa.131 
CntrMt 3.06a 
Craig 

Crane a UD 
CrayRs 
CrmpKUB 
CrwnCk 
CrysBd 
CuttjTO JOB 
Gutfnat 
CumEn£20 
Cunm pr£90 
Curfnc I.Ma 
GurtW 1.80 
Cydopd.10 


5ft 42% 
29 % 21 
18% 121? 
23% 11% 

42 25% 

25 7% 

1ft 6 
44% 29 
ft ft 
33 
8i? 

30* 

58% 3ft 
74 


n'ga 

?! Sb Data Pm. 

Ow. YU. E UBi Higk law Own Qua 

SO e% 8% 6% -% 

t& 4 w, m ion, -% 

43 34 152 15% 14% 147, -r* 

£1 18 4288 881* eft 88 fl>3% 

£4 >5 738 34% 34% 34% 

.1 63 8% ft 8% 

J 18 881 15% 15% 15% -% 

13.7 399 1ft 15% 15 -% 

24 5 1ft 1ft M% 

2J 15 191 4V* 4ft 43 +% 

31 1996 129 122% l23%-0* 

£8258 13 43% 43% 4ft -% 

16 79 123% 12ft 12ft -2% 

27 592 257, 25% Zft +% 

16 18 4 43% 46% 4ft -% 

653 MS* 

£7 108 83 

£8 5 63 

as a 13 

£6 M 82 61 

1 J 17 930 a 93% 82 

D 0 


61' 


1ft -% 
81% -1% 
63 . 63 -% 

12% 1ft 
60% 61 +% 
“ 92 -1 


8% 


Oamonao 
DanaCpL38 
Donah r 
Denial .16 
BsmQn 
Duapt 
□alp! pM.94 
DJaOsg .24 


1ft IS 
14% 7% 


» a 


38% 

67% 37% 
10i* 47, 
42% 251? 

337* 24% 
4ft 34% 
19% »ft 
99 85 

B8i* 73 
27% »% 
30% 2 ft 

29% 20% 
30 28% 

29 25 

31% 27% 

33 27% 

33% 27% 
25% 21% 
281? 17% 
77 207, 

34 101? 

1ft 81? 
14% 14% 

43% 34% 
19% W% 
13% W, 
6ft 35 
1727* 75% 

817* 33% 

29 21% 

7% ft 

12 47| 

52% 

3ft 
80 5ft 
2ft 18 
587* 38% 
82>« 47 
561* 90% 
27 1ft 
21 13% 

28% 14 
25% 20% 
45% »% 
110% 701? 
05 54% 

1ft IQ 
52 38% 

SPSS 
' S’ 8 

ft ft 

n, i 

130% MI? 
19 12% 

241, 1ft 
22% 18 
30* 18% 
2ft 20% 
81% 65% 
2ft 12% 
331* 23% 


DtcCinJSt 

MC 

Deere . Jl 
Debit* £12 
DeRaAr 1 


DCNY £15e <2 8 26 51% 5ft 51% +% 

DM. 2 7.3 8 1556 27% 27 27% +% 

.68 4.8 77 144 14% 13% IVa +% 

U 101 18% 1ft 16% 

£3 34 1464 4ft <01* 4ft +9* 

28 675 u2S% 24% 34% +% 

1.8 70 10% 10 10% 

421 1187 35)* 35 9ft -% 

7M 5% ft ft +% 

1& T7 Z7>, 27% Z7f, 

wueg .29* £18 16 7%. 7i? 7% 

Day nd .40 1.2 48 210 32% 32 32% +% 

DayfHd JE £1 15 3731 457, 44% 44% -1% 

DPL pi 7.48 £5 *200 68 87% 88 +1 

DPI. pi 7.70 £2 z1100uBS% 8ft 93% +1% 

DeanFs .48 1.5 21 582 30* 3ft 31 +% 

7J 21 73% W% 16% 

12 315 ft ft ft 

.9 2106 28% 27% 27% -% 

£5 11 511 32% 32% 32% +% 

1.7 12 8382 60 58 58 -ft 

313 MM 6% ft ft -% 

£0 25 1503 37% 8ft 381* -% 

£8 16 140 3ft 32% 32% +% 

£5 48 17 40% 3ft 397, +% 

£8 7 218817% 17% 17% +% 

*20 97% 97% 97% 

*800082 82 82 

5 2ft 381? 26% -% 

15 2ft 2ft 28% +% 

33 28% 28 2ft 

9 287* Z7% 27% -% 

13 27 26% 27 -% 

16 29% 29 291* 

82 29% 28% 29 -% 

14 27% 271* Z7% +% 

10 24% 24% 24% 

£2 30 110 27% Z7% 27% 

£5 W 1148 26 24% 25% +1 

V2 70 1ft 1ft 16% +% 

£6 465 14% 14% 14% -% 

aa 14% 14% 14% -% 

£2 17 u4ft 43% 43% +% 

17. MO 16% 1ft 16% +% 

£4 19 7 12% 1ft 12% -% 

£0 22 BZ7 5ft 58% 6ft -% 

25 4628 1671* 163 163% -ft 
.5 27 3283 80% 5ft 589* -% 


DbtCh a .72 
DenaMd.24 
DeSoto 1.40 
DMEd 1.09 
DetE pf9JJ2 
Dot£ pT7.36 


£6 

£0. 


p 0= £75 1£ 
prft£24 IV 
pft] £13 11. 
pIP £12 11. 
pfS 2.75 10. 
prO 14012. 
pM£4S 12 
prt. 4 15. 


DelE pr£2B 
Dexters. 60 
DIGter .64 
DfaBtti .20 
DlamiJ 40 
DiaS «d 
DiaSh pi 4 
DtaSOifltte 
DMnaCm 
DleboMJO 
Digital a 
Disney 32 


£3 


1.44 £0 


DS 
Dtvrstn 
Dome g .06 
Domns£0S 
Donald .66 
Donley 1.40 
Dorseys .64 
Dover 22 
DowCh 2 
DowJns.64 
DawneyiB 
Dmo JO 
Drear 
DraxS 
Droytss .48 
duPont £20 
duPnt p!4.50 
DulPti n-04e 
DukaP £88 
Duke pf£7T> 

Dllfca pf7.S0 
Di*e pr£85 14 

DuH plM8J4 £3 
DukeRlirae £4 
DukaRCa 


Duq 

Duq 

Duq 

Duq 

Duq 

Dynlet 


ptAZIO £9 
pf 2 £7 
prK2.1t) £0 
pr £31 £1 
pf 7.20 £4 
J1 


34% 25 cheisaa.72 £3 12 10 


58% 421* ChmNY£72 £1 5 846 45% 44% 44% -% 


43% 29% CtwnNtfJO 42 17 60 381, 377, 38% -1 


541, 5ft ChNY pMUa £0 430 51% 51% 5t 


34% 18 


... „ CMhtn 58 1917 33% 31% 3ft -1 

48% 25% Chspks J8 1.8 35 29 48% 477* 48 -% 

5ft 34)* Chevnffi.40 48 25 835153 51% 5ft +% 

" 13 17 138% 138 138%+% 

1 84% 84% 8*1? — % 


154 128 CNMIw 

88% 50% CMMI pf 


131? 8% ChkFultaSI 
26% 17% CtirtsCs 


Chrfetn 


ft 4% 

55% 34 Chrys StM 
78i* 5ft OHM) 1.88 
IV? lor, ChurehsUS 
7% 4 Chyron .12 

43% 29% CHcorp£34 
SO 31% CfnBefsT.SZ 


37 


ClnG pi 4 £1 

1037* 67% CtnG pi £30 £3 

87% 71 CMG pf 7.44 £8 

ClnG pi £52 £3 


105 92 


£9 

13 

432 

9% 

ft 

9 


38 

303 

2ft 

2ft 

2ft 



53 

7% 

ft 

ft 

2J 

0 

4373 54% 

33% 

Sft 

£5 

12 

1294 69 

68 

Bft 

£3 

30 

407 

14 

13% 

137, 

V8 

29 

172 

ft 

ft 

ft 

£5 

w 

37 

37 

36 

38 

as 

M 

7 

491* 

40 

49 

7.8 

a 

908 

271* 

27% 

Zft 

£1 


*320 45 

44 

44 

£3 


*50 

100% lOfjip 100% 

BJ 


1435007 

88 

07 

£3 


*200 103% 102% 1021* 


83% 

821* 


M% 1ft -1* 
“ 18 -% 
79 +% 

80 80 


321* 211* CtubMdJO 
22% ft Ceachm40 


29 18% ClnMIl .72 £8 26 735 2B1*~ 2ft 2S% 

1ft 12 CfedK a 28 1J 18 1704 15% 15 15 -% 

4t% 18% CbCty a .06 .1 35 783 411* 40 4ft -% 

29 488 23% 23% 231* +% 

47 7 1089652% 50% 52 -% 

90% 7ft Cttcp pf 6a 7J 90 82% 82% 82% -% 

103% 941, Otcp ptATe 7J0 50 99% BB% B9% +% 

“ CteWr .72 £8 95 7% 7% 7% +% 

ClalrSt .10 .7 45 942 1ft 14% 1ft -% 

2ft 15% ClarkE 1184 u28% 2ft 26 +% 

10% CtayHm 20 151 17% 1ft 17 +% 

8 CtvCH 223 11 HT ~ 

22% 1ft CtvCI pf 2 1£ 178 18% 18 

81 67 CtvEI pf7.40 £4 zMO 70 79 

68 CtvEI pf7.5B £5 *500 80 

45 Ciorox 152 £618 518 507, 5ft 5ft 

.7 22 85 277, 27% 27% +% 

£0 2S 54 13% 13% 13% -% 

11% CoeatSL 5 409 177* 17% 17% -1* 

Coastal .40 J 37 191 4ft 4ft 457* -% 

CM pf £11 £f 0 34% 34% 34% +% 

CocaCtel.12 £4 19 7389 48 4ft 471, -1 

.1 49 2316 18 17% 17% 

931 12 11% 11% -% 

£2 13 85 371* 37% 377* +% 

£919 3055 47% 46% 471* +% 

J 89 853 u22% 2ft 227* +% 

21 885 W 4 1ft 1ft -% 

£1 25 1458 52% 517, 52 -% 

CMOS pIS. 48 BM 1 66% 55% 65% + % 

17 3 105814% 14% 14% +% 

157 14% 14% 14% 

40 8 311 56% 96% 5ft -% 

£8 25 542 3ft 38% 3ft +% 

1.4 22 B62 14% 14% 14% 

J 17 1380 27 26% 2ft -% 

.4 23 860 Z7 2ft 28% 

1J13 21 1ft 16 1ft 

3824 1ft 11% 1ft -% 

£2 8 1681 37 — — 


38 
40 
1ft 
20% ft 


CocCEn.Ole 
Coloco 
48% 3ft Coburn*. ZO 


47% 34% ColgPalJ6 
2ft 13% ColFds .12 


14% ft Colt 
52% 35% CotQaallB 


60 92 

17% ft 


16% 9% 
65% 51 


Cohnn9k24 


CotSv pf 
CombMUW 
QnbEf) 1 

Comdta JO 

2ft 15% Comdta JO 


4ft 27 
15 9% 


Zft 19% CCredn.12a 
22% 14% CraMUa .32 


Gotefts 

CmwE 


23i* 1ft CwE prIJO £2 


3ft 36% -% 


.74 


2 £3 


MS% CwE (412.75 IV 
97 81% CwE pf £38 £7 

2ft 2ft CwE pi £87 1ft 
9ft 83 CwE pf £40 £8 
84% 72% CwE pr7J4 £8 
4ft 34% ComESZ.72 
1ft ft CmwMn 1 
3ft 28i* ComsaD JQ 
39», 24% CPsye .48 
35% 11% Compaq 
26% 15% CompgtBO 
437* 1ft CmpAas 
54 29% CompSc 

18% 1T% CmTakS -05 

23>* 101, Cpnnn 

23% ^>^1,^38 


34 


17 2ft 23 23% — % 

1 24% 24% 24% +% 

ZlOO 111% 111% 111% 

z 181 008% 957, 961* +% 
60 2ft 28 28 -% 

*40 9ft 95% 95% + 1* 

*900 84 84 84 +% 

7.19 29 3ft 3ft 3ft -% 

ia 41 886 ft 9% ft +1* 

15 11 225 34i? 341* 341* -1* 

1.4 20 819 347, 34% 34% +1* 

22 9796 3ft 2ft 29 -1% 

£7 54 18 221* 22 221* 

33 605 *1 3ft 4ft +1% 

26 364 521* 51% 52% +% 

J 22 1063 151* 15 151* -1* 

1114 20 


277, 22 

241 


19% 19% -1* 
V8 19 1048 33 3ft 327, +% 

£4 12 13 2ft 28% 26% +% 

17% CnnNGsIJO £3 14 101 207, 20% 2ft -% 

_ 1ft Conroe. 40b 20 18 380 20% 20 i l 3% +J* 

17% 1ft Conssai 12 1885 ulft 17% 17% 

527* 40 ConsEtEJC £7 10 1673 46 44% 44% -t* 

86 53% Con£ pf4£5 7J 306 6ft 64% 64% +% 

84% 54 ConE pf 5 7J 11 64 637* 84 +% 

38% 27 CnsFrtS J2 £4 15 1183 3ft 33% 33% -1* 

39 231, CntfjGsVSO 3J 16 520 3ft 38% 3ft +% 

23% 11 Costard 38 278 1ft 1ft 15% -% 

1ft ft CoraPw 27 8091 U2D 1ft 1ft + 1>, 

~ 3ft CnP ptA4LM £9 *100 46% 4ft 48% +% 


37% CnP pfB<S0 9J 

68% CnP pfD7.45 £1 


84% «3i* CnP p«r.72 £2 


35 
32% 27 
321* 27 


3ft CoP prV4.*0 14. 

CflP prU3.60 1£ 
. . CnP prT£78 1£ 
64% 64 CnP plH7.68 £3 

34, 28 CnP prP3.0B 1£ 

W 171* CltP prfJJS S3 

33<} 287, CrtP pr&4.02 1£ 

257 0 191* CnP pfK2A3 £6 


*560 SO 49 48 +1? 

*590 81% 80% 81% +% 
Z2200B4 82 04 +2 

11 32% 32>* 32% 

39 907* 3ft 307, 

43 90% 90i* 3ft 

*100 82<t 82% 821* -% 

5 3ft 80 30 -% 

78 25 24% 25 +% 

7 SI 301, 31 +% 

13 2S% 251* 25% +% 


271* Comet 1.06 5.611 2138 33% 33% 33% 

55 42 CrtUCp 2.60 50 7 7027 5ft 81% 52>, +% 

8% 5 ContIH .Ofe .7 19 2606 5% 5% 5% 

4ft 407, CntW p!5L73# £0 2 4ft 46% 4ft +% 

15-16 % CMHW 313 5-M £32 £32 

M 71* CMW 8 « 1548 M 13% 13% -% 

30% 20 CtDala 1208 28% 28% 28% -% 

9% 6% ConvHU 461 ft 6% 61? 

14% 12% CnvHdpl1.34Q 11 150 Ift 12% 12% -% 

7i* 1% CoofcUn 13271% d 1% i% -U 

5ft 35% Cooper 1.6a £1 18 1200 54% 53% 5ft '1% 

37<* 20 CoprTf .44 1 J 18 SOB 37 3ft 37 +1* 

28% 14% COOpvta.40 £441 437 1ft tft Tft -% 


43 27% 

ift 9% 
38% 28% 
51% 2ft 
3ft 24% 
40% 2ft 
81% 52% 
8ft 63 
24% 15% 
3ft 2ft 
43% 33 
197, 14% 

to* ft 

36% 21% 
261* 11% 
20 14% 


3% 

13% 

12 % 

«« 

ft 


iu% 

106% 78% 
1ft 5% 
22% 10% 
43% 3ft 
36 25% 

ft ft 
221* 13% 
42% 23 
33% ?1H 
50% 33% 
111% 977, 
22% Tft 
171* W% 
12% ft 
ft 4% 
ft ft 
241* 1ft 
24% 14% 
26 23 

26% 19% 
7i, «% 

25»* 2ft 
1ft W 
68 34% 

11% 6 

35 18 

41 29 

35 20% 

24% Mi* 
29% 16 
20% 18 
65 5ft 


60 24% 24 24 — % 

12 ft 5% 5% -1, 

4780 12 11 Ift +% 

£7 11 1378 44% 44 44% +% 

1.8 15 6? 30% 3S% 36% +1% 

1.916 981 74% 73% 73% -% 

£2 22 65 2B% 2B7, 2H% 

1.5 25 42* u60% 30% 60% +% 

£5 21 5825 81% 80% 81% -% 

V2 28 357 54 5ft Sft -% 

.9 4 290 221* 217, 217, -% 

£5 39 93 1ft 19% 19% 

.40 15225 1435 Z7% 2ft 27 

2 8J 8 227, 22% 22% 

1.1 23 1450 45% 44 44 -1% 

£0 17 4098 1007, 106% 1071? -1 
09 2 05 85 SS +% 

.4 2503 10% 10% 10% -% 

SB 11 1707 48% 48 40% -% 

£4 250 103*4 1031* 1031*-% 

7.0 466 102% 102 10ft + 1% 

IA 16 27% 27% 27% +% 

*40 K 77 107 107 -% 

15 77, 7% 7% 

5 1% 1% 1% 

DwiBnS.5B £1 28 755 125% 12ft 123% -2 

OuqU 120 £4 7 1275 1ft 12% 12% 

*120 23% 23% 23% -1 

*500 21 20% 20% -% 

» 231* 227, 231* 

*145025% 24% 25% -% 

*500 77 78% 78% -1 

1.6 IS x293 Ift 18% 19 

DjmAfll JO .7 23 4 2ft 2B% 28% -% 

E E E 

EGG .56 1.8 21 411 34% 841, 34% 

ERC 194 1267 ulft 15% 15% +T% 

E Syst JO 1.5 17 1229 34% 34 34% -% 

22 14 42 51% 51% 51% +1? 

49 13 938 2ft 26% 2ft -% 

£9 13 74 37% 37 37% +1* 

£4 45 1502478 75 751, +% 

£0 19 338 82 81% 01% -% 

£2 20 2399 23 22% 22% -% 

VS 19 752 u3f 30% 31 +% 

<4 12 44 417, 41% 41% -% 

EDO -28 1.8 18 391 1ft 1ft 1ft -% 

EdClnp .18 1.3 19 887 12% 12% 1ft -% 

Ettwrds .68 £015 41S 347, 341* 34% -% 

Scot J 6 V3 20 73 uZ7% 28 27** +1 

Eldon .20 12 15 34 17% in, W* -% 

ElecAs 28 292 5% ft ft +% 

J 26 70 19 

26 14% 

243 2 

1073 ulft 10% 10% 

£8 18 858 1057, 104>«1D4i*-% 
12 4744 1ft ft 97, -% 

523 13 12% 1ft -% 

£5 620 40% 40 40% -% 

£5 11 104 30% 30% 30% -% 

Emp pf AT 7.8 zldODS 8 0-% 

EnerpsAOB £3 33 28 20% 2V* 20% +% 

EngKp .78 1.8 21 571 42 4H* 41% -% 

EntaBtl .68 £1 18 18 32% 32% SS* +% 

Enron £48 55214 1755 45 44% 44% +% 

Enm p<H10.50m 3 102% 10ft 10ft 

Enwch.BOb £7126 652 22 21% 21% -% 

7J2B 837 16% “ _ 

18 1ft 

28 V? 

13. 54 47, 

£4 350 16% 

29 1199 1ft 

7.6 65 231* 23 23 -% 

£6 22 228 26 2ft 25 +% 

154 1408 4% 4% 45, -% 

913 8 247, 2J5, 347, +% 

9.5 77 10% WJ% 10% -% 

£8 16 167 65 64% 84i? -% 

1.9 9 15 ft ft 8% +% 

1.8 18 1233 337, 33 33 -J, 

1.8 18 13 40% 401* 40% -% 

V9 22 198 34% 32% 3ft -2 

355 65 18 17% 179* -1* 

Ethyl a .40 IA 21 4459 u29% 28% 28% 

Excetarl.OGe 9.0 18 18% 18% 18% 

Exxon £60 44 11 8335 83% 62% 82% -% 


12 

Mgb 

5ft 

W% 

IS 

7% 

5T 2 

6% 

W% 

3ft 


M FMEP £20 
ft FMGC .05e 
4 FM0G..729 

1ft FrptMc 26 
1ft FMRP n£4Q 
Fiihffl 


Off 

.fl Sts Dm Plsr. 

Stach Ow. YU. E low Ou w H ai, 

FrnWY > JS4 .5 39 1640 4V* 44% «% ,+ft 

1£ 281 147* 14% 14% 

.4 42 198 14% 14 tft -% 

11 3 189 5% ft ft +% 

£2 54 718 2ft 24% 2ft 

1£ 129 19% 19% 16*, -% 

214 71* ft ft 

Frhf ptASJB 1£ ffiOTSft 23% +% 

18% Fuqua 9 J4 .7 18 472 '33% 331* 3ft “% 

G Q G 

40% 2ft GAF s .10 2 20 Z2lS4ft 43** 4ft -% 

4ft 30 GATX 1J0 £516 71 42% 421* 4ft +% 

ft 1 GCA 8S38 ft ft ft +> 

128 881* GEKX3V36 1.1 10 63 f»% «8% 121 -% 

ft 1% GEO 386 ft ft ft 

SUftSFCo S728S%ft5%-% 

4ft 32% GTE A £44 53 12 458841% 41% 41% 

56% 43% GTE pf £50 4J 2 55* BS% »* +% 

35% 28% GTE pf 2 £1 3 927* 33% 327* +-% 

31% 261* GTE pf 248 £8 30 29% ®, 291* +% 

1Q% 8% Gabefin.14* V4 735 10 ft 10 +% 

3% 1 GaJHou 174 2% 2% ft -% 

49% 327* Ganne»J2 £0Z7 2155 46% . 45% 4^s -% 

55% 21% Gap a JO J 20 1164 1)56% 5ft 55% +% 

4% r, Qeartn JC( 603 2% 2% ft 

2S% 12% GetCO -52a 2.4 94 21% 21% 21% ~V 

18% 15% Qatco pf 10 161* W* IB* +% 

16% 1ft GamB C 145 18% 16 W>* +% 

15 127, GemU 1123s £5- 56 14% 1ft 14% 

88 64% GnCorpUSO 1.7 U 2220 u87% 83% 87% +1%, 

21 17 GAbw £51e 1£ 111 2ft 2ft 20% -% 

SB 38% GCtmn .60 1J 15 3842 51% 60% SOU -1 

57 38 GCtn pf J8 VS 2 51 51 51 -% 

14% 7% GnOxta 47 108 12% 1ft 12** -% 

2ft 14% GenOcrv 9 547 25% 24% 2ft -% 

88% Sn* GnDyn 1 VS 307 77% 7ft 77 +% 

Wj 7ft GenS £52 24 19 9856 106% 10ft 105%-1%| 

— ~ 10 215 1ft 97, 10 +% 

20 10 2*04 1ft 11% 1ft +% 

£1 27 38 Tft 11% IP* 

J 54 1199 Z71? 26% 26% -% 

£4 22 4397 uSft 6ft 53% 

£4 9 BOO 78% 77% TP, -% 

£8 10 547, 54 

7.0 5 7ft “ 

IA 18 1889 37% 


151* 


54 


GnHme 
GnHosf J4 
13% 9% GnHoua24 

28 15% Gnlnst JS 

3ft GnMHIslJB 

657, QMot 9s 

46% GMM pRLTS 

62>« GMol pi S 
24 GM E J2 

3ft GM H .72 


59 

Wi 

S 


54 -% 

n% -% 

3ft 37% -% 


267* 


-16 29 


bPi 

Sft 

18 

6 


» & 


52% 

52% 

Sft 

51% 


ft GNC 
1ft GPU 
49% GenRea 1 
10% GnRefr 
39i* GnSIgntJO 
M% GTH prtJS 
ft Qenaoo 
QnRad 
GenuPOJB 
28 GaPae 1 
38 GaPe pQJ4 
37% GaP prB2J4 4.8 
37% GaPc prC£24 4.5 


1.7 IS 196 43% 4ft 43% +% 


221 8% 
471 2B% 


6% 


+ % 


VS 24 686 6ft Oft 68% 


11 182 1ft 15% 15% 

£6 19 90S 487, 4ft 48% 

rj zsoo ift — — 

6 838 U 

506 12 

£623 643 83% 

£0 22 2139 50% 


AS 


SOI, 

501* 


27% 24% GaPwrpW.30 
28% 257, GaPwrpf£47 

■" 19% GaPw pf 

237, QaPw pf 3 
20 GaPw po.44 
27% GaPw pt£76 


£0 

at 


as% 

3ft 

32 

33>* 


27% 24 GaPw pr£5B 


gl 

Sft 

90 


23% GaPw pKLSB 
25% GaPw pf£75 10 
78 G aPw pT7.80 £8 
74 GaPw pr7.72 £0 
57% 37% Gert)PaL32 
24% 13% GerftSc .12 

“ GatPdd 

Getty s .18b 
GIANT 
Gtt>rFnJ2e 


Tft tft 
5% ft 5 
11 % 11 % -% 
Sft 53 -1* 

49 4ft -i%; 
48% 48% -2 
49% 4ft -ft| 
W% 4ft -1%' 
25% 28 +% 

2ft 27 +% 

1424 221* ?l% 22% 

30 20% 29% 29% +% 

29% 29 29% 

30% 30% 30% -% 
26% 28% 281* 

26% 26% 26% -% 
27% 27 27 

- -% 
— 1 


46 27i* 


11 % 


3IP* 

13% 


Pi 

«% 

16 

W% 


687* 38% 
27 1ft 


45 
21 
8 
19 
6 

*400 88% 88% 

ZTOO 56% 05% 

£0 24 340 4ft 4ft 4ft -1, 

J 20 MB 23% 23% 2ft -% 

237 8% 

.8 11 6045 191* 

7 307 29% 

18 4 898 12% 


ft 9% 

018 19% +% 
25 25% — % 

121* Ift 


OHM a V52 £6 21 1445 Sft Sft 89% 


. or* 

12 Monte V Sb B— fj* 

W«k Law -Suck ' Ota. YU E WOsHUk Lw ttwWf3oi« 

4» 37 InW frfA1» as . 20 44 44 44 -% 

Si 3ft IntnR P«JS KL 960 42 41% 4t»* +3, 

----- 858 22% . 22 22% 

2£ n 488 73*. T% 7% +% 

10 702 10% IB m 7% 

£9 W £3% !9% 23% +% 

£7 14 7379 437* 42% 43% +f| 


11 


22% 10% ta^R 'pi 

« 5 

MopSe £10 r 
tfltefOMTJO 

iMftBl 

Mk 1 1JD M-10 19£ — - - - 

burned 7 741 20% OF, 20%. -J* 

IntAIu .72 £01£ 3 237, 23% 23T, -% 


17% 

2ft 

4ft 


2? 

P/ St OBtPlW. 

12 Month Dta YU. E 108<H<gb taw 

ft jUj -sr*’** 

- Meotak oft 90% +!l 

MlE P*W« a4 


S*- S*- 


796 47, ft ft _ 
42%. 4ft- 4S* +% 


33 i gii: 


2ft 9% 

181% lift i»r • 440 ao ti 19743140' 14ft Mft+% 
3ft 227, fnOrl JO £0 W0 2ft £5 »* 7% 

4ft £5 IraHavlJ* £7 20 1202 40% 45% 4&n +ft 

35*4 '25- IniMin 1 £1 1297 83% 321* 32% -ft 

55 45% buM pCA£75 7J 81 52% ■ Sft 52% 7% 

31% 22% lnMult9V10 3J£1 136* u3ft 30% 3ft +% 

— — - - - - 2SV 2737 88% 98% 971* “St 

44 9% ft 9%. . 

1J 20 1280 U37% 371, 37% +% 

- 14 164 Sft 207* 29% -% 

7.1 W 10J 27% 27% 27% -% 

£2 11 18 1ft V2% 12% 

£811 193 45 43% 44% +% 

£9 18 435 * '-2ft 2ft - 
£1 IS 748 Sft 25<, 2ft +1* 
£8178 77 MU ft 141* +% 
A6 7 50 4ft 4ft <8% “ % 

477 6ft 51%. Sft 

902 1ft Ift .11% +% 


2ft 1ft S£5Ef» £9 9W St 

ft ft mSSi44 ® 

^ 2- SS£» i-* 8 5,32ft 

MhJSUt 8 — 




3007,55% Mtf%qx8A0 
MR, ft - tame a 
37% M% htgbGsJO 

«% 23 ' InMPwTJS 
.15% . 11 Msec .40 
47 aft krofiG 3.04 
Z7i> 8ft lowaRsin 

29% JO% Ipalco sVSS 
16 TO IpcoCp J6 
50% 407, trvBnfe £34 
54 48 MBfc pt£25e £3 

17% B Matt n 1.44a t£ 


282 ft 


71 


8% ft +% 
flft 80% -ft 
70 7D ”1% 


sra'K&-a‘ sff Sft" 

66«.irs*i* 9 * a 

sS,- 59% MonC6l-0U «> 

Ift 5ft tfs 74 18% 1ft ®- .*• 

m* ** i8 a Si ^ ^ 

IS 11 “ ? 

"S™ s. || .3 

" ■ a s a*s 


J J J - 

XI, 1Z% JWP » 24 287 29% 29% 

41% 24% JWT V12 £3 SB 534 34% 33% 33% -3* • 

42% M JRIWB-B.40 VO 22 2581 42% 41»* 41% -T 

05% SI JRW pf 438 £3 » 84 "5 

31 19% Jemawyffi A 19 288 29% 89% 2ft -% 

1ft Tl% J»pnF ABM 25. 3104 1*19% 18% 18 +1% 

40% 31% JrrflP * 112 £4 11 584 34% »** ^* “% 

4S% 36% JerC pf 4 02 zlOO 43% 43% 43% +% 

96% TP* JerC pf 7.56 £1 139 «B7 » , 9ft +7, 

=BJ« 21% JerC pi £18 BA m * » » +% 

20*4 8% Jawicra 0 78 13% «% ^ +% 

93% 48% JohnJnV40 1.8 48 3997 80% 88% ®| +% 

SS 2ft JfmCn eT.OS £2 IS 676 .30%. «, Sft +% 

73% an* JfmC pf A25 £1 . '. 2 88%. 68% 8W* -% 

15% 9% JbnGRnV7D 1£ 42 n% M% 1ft 

27 • 2T% Jorgen 1 A2 57 23% 23% f y* + % 

25 -SB* Josm a .48 £1 23 385 g, £ft -7* 

35 19% JoyMIgUSa . AO 18 Sft 33% 33% . -% 

K K K 

19% ift KOI JO U 23 Wl 1ft «% 13% ~% 

22% 17 KLM JBa 33 11. 20»«J7, 20% -®7* +% 

62% 38% Kma<1V48 ZA 27 7122 116ft Bft 82 +% 

23% IB KN Engl.48 7.0 29 55T 21% 207, 21 +% 

231* 12% KatarAllfj 805 17% 16% 17 

U7 t 5% KanbGiEAO 8£ 194 ft 

4% 2% KtaMh 148 2b 

32i« 23 KCtyPV 2 0J 10 51Z 29% 

52 41 HCPV pfA3S £5 Z2O0QS1 

27% 21% KCPV pf£20 £3 9 26% 

1 28% 22% KCPV pRS 05 3 27% 

64% 46% KCSoa 1.06 £0460 101 54% 537, 64 +% 

25% 15% KanGEV36 £8 17 3248 24% 23% Wm +% 

]K 451, KanPU£30 at 11 176 5*% 53% 537, -% 

[2ft 2ft KaPL pf£32 £2 13 28% 281* 2ft . 

'29% Sft KaPL ptZSa 73 B 20% 281* 28% +% 

12% Katytn 21 87 1ft «S 15 -% 

8 KanBHtLlfla .6 15 011 17% 18% 1ft -1 

128 ' M% KaufB S .33 12 BJ 1285 27% 28% 26% - 1 

31% Kauf pf V50 £0 188 30% 30 X -U 

Kanf pi £75 £1 2 148% W4% T44%-5% 


n* ft 
3% ft 
29% 29% 
51 51 - 

27% 27% 


+ % 


EagW>112 
EMGPfJO 
EestUOZIB 
EKmfc £52 
Eaten 1.60 
EchHn JO 
EoolabB JB 
EdtaSr 180 


EicbpcOi 
Elgin 
EtacM 
Emrw n 
EnwaEO.88 
ERad a 
EmryA 
Emtwrtl.40 
EmpOa 2 


10% 10% +% 
14 14% +% 

17, 2 


EraExpl.20 
Ensrees 
EfUflra 
EntexE .60 
Entexlnl.40 
EnvSya 
EnvSy pfl.75 
EquBsx.68 
EquMk 
Eqmb pf£3l 
EqW n 1 
EqOtesUO 
Equltec .16 
Ertrnmt.52 
EMBus .73 
EaxCh a .60 
Eatrtna 


16% 1ft 
10 % 10 % 

0% «% -% 
ft ft 
18% 18% 

1ft 1ft -% 


FGfc n.03a 
PMC 

FPL £04 
FabCtr JB 
Facet 
FalrchdJO 
Fahc pffi.60 
Fairfd 
FamDkJB 
Fanstet .80 
ww a .40 
Farah 
FayOrg.20 
Fetters JOb 
FecBCoilIB 

FtMExp 

FdHm pM53e 73 
FdMog 1.60 £7106 61 


37% an* -% 
3ft 32 -% 

11 % 11 % 


F F F 

.1 15 131 2(7* 24% 24% -% 

19 177 32 

6A11 2292 32% 

£4 34 16 117* 

22 140 1ft 19% 19% 

1.5 13 304 13% 13% 1ft 
£5 121 3ft 

254 ft 

V5 18 fiM 1ft 

£9 48 12 151* 

£14 90 tft 

11 200 17% 

2103 373 9% 

£518 115 ft 
24 14 322 


-% 

-% 


FeONM .32 
FeGPB .70 
FfldRHsl.OB 
FdBgni .M 
FMDSiZ68 


41% 41% -7, 
23% 23% -1* 


38 38 

0 6 

18% 1ft 

15 15i« 

127, 12% -% 

1ft 17% +% 

ft ft +% 

8 ft +% 

. 49% 49% -% 

127706ft 58% 60% +% 

173 62% B1% 62% +% 

431* 43 431* 

.7 18 1868 45% 447, 451* +% 

1.7 28 408 4ft 

AS 19 TIB 24 

£9 16 161 2ft 221* 22% -% 

£8 18 816 94% 931* 94)* +1 

Ferro 1.32 £8 14 19 Sf% 51% 5ft -% 

Eldest s .68 £0 16 765 347, 34% 34% 

Flltak s As £7 17 32 16% 1ft 1ft +% 

FfnCpA 4 60S ft " - 

FtaiGp pi .60 £6 10 7 

HttC ptt.1 7s £2 42 34% 

FnSBar 4 158 ift 

FlreFd .40 1.0 12 2076 4ft 

£8 34 1*36 357, 36% 35% 

4J 10 281 35% 351* 357* 

£0 10 1194 51% SOI* soi* 

22 965 23 
AB 7 1122 31% 

30 51% 

100 857, 

163 3% 

31 18 
1 16% 

37 


Fkestn 1 
FtSfcS *1.50 
FBostn 1 
FCapHd 
FstCMM.SO 
FCta s pKV33o6.8 

FCh plB£04e7.0 

Fiare* 

FBTx pf£83e 20. 

FBTx pf£35e 20 

FWiy 0 

FFB S 1.88 AO 10 299 

FFnFd n.18 1.8 138 9 


ft ft 
7 7+% 

34% 34% 

1ft 13% -% 

41% 42 +% 


22% 221* — % 

31% 31% 

51% 51% +% 
867, 85>, -% 
ft 3% -% 
1ft IB -% 
1ft Tft 

0% ft 


Rn>sto£98 
FIMtas J4 

Rtafll SV50 
FWaBk 1 
PlWschl JO 
RWtecs.64 

FWtac pf£2S 

Ftachh 
RahFd.OSe 
FhFnG 1.80 


25% 25% 

33% 33% — % 
46 48% 

25% 2ft +% 
Sft 58% -i 
21% 2H, -% 
11 % 11 % +% 
80 60% +% 
SO** SOi* +% 


-% 


42% 42% +% 

ft ft 

4.6 a 1203 Sft 58% 58% -% 

£2 18 2066 ull% 10% 11 +% 

383 5903 1ft 10% 107* +% 

5.8 W 252 26 — 

£0 12 239 34 

£6 M 220 4ft 

£2 10 31 2S7, 

IV Z130057 
32 21% 

A 29 11% 

2.7 12 303 60% 

FhF praote £0 in 50% 

HeeCnJ2 U 18 128 29% 

£2 25 127 45 

W. 17 1ft _ . . 

J 20 208 27% 2ft 2ft -J. 

166 15 14% M7, +% 

A 10 20 S3 5Z», S27, 

£1 11 593 39% 307, 39% -% 

27 fl <74 30% 30 

59 229 71* 7 ft +% 

£1 21 200 287, 2ft 26% 

1045 1ft 1<% W7* 

626 Ift 
£7 18 13 80% 

£36 5386 81% 

£5 101 16% 

£0 25 6W Sft 

£7 20 IK 16% 

J 47 102 28% 


Remng 1 
Rex) pfi.ei 
RgWSI JO 
FloxtPt 
HaEC .20a 
FlaPrg£40 
FUSS .80 
FlwGan 
Rower J6 
Fluor 
Food mn 
FooteC£20 
FonMslSO 
FtDoorl.30 
FlHowdl.08 
FosWh M 
Foxbrd-26* 


4ft 45 +% 
1ft 15% +% 


3ft 

Ift 

12 

ft 

ft 

10 

16 

4 

48% 

S8 

561, 

P 


r 

10% 


8% 

9% 


'A 


GteuC 
Gtantad.eo 
GGCapn 
, GGIrrc n.56e 
15-16 y]GlbK12| 
2i* vjQUi pf 

G8>YldnV06 
GUNug 
GMN wt 
GWWF JO 
38% Gdrich V56 
29 Goodyn.80 
16% Gottenj J2 
13% Gotehkn 
14% Gould 
62** 461* Ones £60 

337, 201* Grace .60 
371* Grabnr.72 
16 GIAFI s JO 
GtAIPc .40 
GMm £72e 
ST* 4d* GtNNk V72 
32% GtWBnl.20 


18% 18% 1ft -% 
Sft 30% -% 
ft 9 
1ft 1ft 

1% T% 

3% 3% — % 
9% 

11 % 

ft ft 

42% 42% -% 


6% +% 

11 % -% 


92S* 

25 
317* 20 
2ft 20 


IS 19 -1* 

27 2T* +% 

17% 17% +% 
80 6ft -% 
33% 0*7, +1 


56 73 

£0 7 089 Sft 

5 9 0 

5.1 4 Tft 

532 1% 

9 3% 

IV x 19389% 

99 2386 121* 

336 1% 

J 7 440 431, 

£7124 762 567, sft Sft +% 

£0 48 1860 53% S3 531* -% 

£7 30 19% 

20 113 27% 

1089 177, 

A6 21 2121 6ft 

V7 15 67 035 

1.6 15 578 46% 45% 467, -% 

£5 6 280 2ft ZS% 2ft -% 

V314 389 31% 

£5 8 23 u2B% 2ft 28% +% 

1J 26 652 90% 88% 89% -1 

£2 9 1352 547, 54% 54% -% 

3ft 22% GMP 1J0 £9 11 165 2B>* 25% 28 -% 

351* 17% GrenT sJSe .7 16 1346 35% 34% 35 +% 

“ £7 9 693 35% 35% 35% -% 

19 5964 12% 12 12% +3* 

£0 22 411 ulft «% 1ft +1 

£1 380 ft ft 9% +H 

1IM0 ft 5% ft 

£413 267 K 2B% 29% -% 

£9 6 2S% 2S% 28% +% 

V9 11 96 8% ft 8% -% 

V6 17 429 33% 32% 33 

1 J 19 164681% 8ft 80% 

3 77% 77% 77% 

£5 73 307 14% 1ft 1ft +% 

5 1726ft -9% 9% 

*70 41% 411* 41% -% 

24 36% X 86 -% 

H 2ft 29% 2ft -% 

44 29% 26% 291* +% 

Z2S0 78 75 75 —21 

H h H 

23% HRE 228 £3 14 61 Zft 27% Z& -% 


38 

14 

14% 

1ft 

10 % 

32% 

20 % 


10 % 6 % 

34% 22% 


62% 54 
80 70 

tft 1« 
13 7 

44 


27% Groyh 1J2 
71? Grofier 

10% GrowQWOb 
8% GttiStk .29s 
4% GrabEl.ft 
23 Grumn 1 
2ft Grom pCJO 
GronM .16 
GuUrd s .« 
GHWat V20 
GHW pi £75 7.4 
GuWla 
GHSKA 
GSU pIB 


-S 


48% 27% GSU pO 
32% 22% GSU pM 
34% 25 GSU prM 
65% GSU pK 


8ft 


27% 

29% 

2S» 

25% 

18 
2ft 
38 

S? 

2ft 
3072 
40% 

Mi* 

38% 

29% 20 
19% “ 
51% 

3ft 
30 
32 
21 % 

35% 

1ft 

34% 

20 % 

S ft 


1J. 


13 

1ft 


381* 

50% 

38% 

27% 

85% 

34% 

X 

ft 


M HaUFB 
17% Hnlbtn 1 
18% HMwodl.12 
Ift ManJS 1.*7s 
22% HanJI U4a 
23 HandlniJB 
16% HandH .66 
15% Hanna .40 
23% Hanna pffi. 13 
25% Hartfrd .50 
10 Hansn s 
261* HarQj s .40 
“ Harlnds.42 
Harntah 
HrpRweBO 
2ft Harris J8 
23 Harsco 1 
237* Hrtmx a .62 
16 HattSe 1.80 
27% HawS m 
8% HayesA AO 
(6 HszLeb.40 
ift HORhbn 

MlthCP2J4a 
v| Hecks 
8% HedaM 
227, HeUmnJZs 
27% Helllg JB 
3ft Helm 1.12 
2ft HeteoGJOe 
167* HebnP J6 
43 HereuM.76 
18 KerttC .00 
19% Hishy s J4 

ft 


1052 14% 013% 13% -% 
£1 2480 32% 317, 317, -% 

ASM 83 25>* 24J, 2ft -% 

£3 91 177, 17% 17% 

1.7 64 24), 23% 24 +% 

£1 16 381 27% 267, 27 
£8 326 237, 23% 23% -% 

2124 48 19% 19 19 -% 

7.5 101 28% 28% 28% -% 

13 20 KB 1(417, 40 41% -+2 

16 5778 14 13% 13% -% 

V2 16 3571 337, 33% 33% +% 
1-5 27 286 U29% 28% 2ft -% 
31 1006 17% 17% 17% +% 

12 33 3167 50% Aft 50% +% 
£4 21 945 Sft 36% 361* -% 
£4 18 929 29% 29% 29% -% 
£423 677 27% Z7 27% 

8.8 M 3 207, 2ft 29, 

5.6 tj 275 33% 32% 32% -% 

£1 32 12% 1S% 1ft 

12 32 SK u34% 8ft 31 +1% 

73 18«* ig% 19% 

7.9 17 71 2ft 291* 29% +% 
6008 5% 4% 4% +% 

2894 M% 1ft M% +% 
VB 15 278 26% 27% 26% +% 
J 29 486 34% 33 34% +1% 

£4 20 1068 48% 47% 47% -% 

J 13 351 35% 35% 35% +% 

1.4 82 1432 28 25 28 +% 

£9 W 25*8 60% 59% 5B% -7, 

.1 19*9 33% 33 33 -% 

£0 19 12M 27% 27 27% 

92 3% 3% 3% 

A 28 1521058% 507, 57% +2 
1J 23 136 45% 451* 481* 

£5 9 13 17% 17% 17% -% 

VI 24 03 15% M% 15 +% 

23 403 2ft 29% 2B% 

2.1 22 1300 83 84% 84% +% 

3863 u43% 42% 43 
.7 32 120 67% 67% 67% -ft 
20 1384 82 81% 51% — % 

1338 18% 177, 177, -% 

I. 0 22 21 105 103 105 +2% 

36 Wl u28% 257* 287* -% 

J 7 202 3ft 34% 3ft +% 

.7 62 1525 29% 2ft 28% -% 

£1 4 264 12% 1ft 1*% +% 

1J3 79 11% 11% 1ft 

J 21 381 100% 99% 99% -2% 

£9 3888 6ft 69% 69% — % 

£4 15 45 57% 57% 37% -% 

4 60 ft 5% ft +% 

.72 £0 17 1209 38% 3ft 36 +% 

2 6.1 391 25 24% 24% - % 

V7 22 467 38«* 34% 35 +% 

£1 K 45 1ft «% 1ft +%• 

£3 11 344 57 

7.6 10 1226 37 

II. 18 5% 

£2 21 10% 

£1 17 148 «% 

J 1783 1ft 

U 13 54 2ft 

£4 57 2931 23 _ . _ 

1.0 13 128 27% 27% 27% .+% 

£3 1217 38% 30 W -% 

AS 13 fi 48% 43% 48% t% 

I I • ' 

31 21 1C Mb. 80 £7 2078 30% 

1ft 13% CM \A4 93 72 4* «% 

34 10% ICN ® 2041 M% 

27% 21% E U W4M 72 27 

20% 1ft WAtai 1.68 £8 51 W% 

2ft 23 IPTIm n£72a 9J 12 TZ7 2ft 

20% 137, IHT a 1 JBa £4 18 3 19% 

ift 42% nr CP 1 V0» 3J63m% 

109 78% ITT pfK 4 £8 4 108 

100% 74 ITT - pfO 5 £0 2 WO 

83 S* (TT p«2J5 2.7 2 8ft 

17% 12 IU Ini JO £5 W 908 

307, 23% WahoPUO 
51% ideata 

32 237, HIP0wr£84 £2 7 

28% 20% IIPOW pf£10 £3 


59% ssa* HeariPb J2 
457* 34% Hexcel .» 
2ft 101, UShers A4 
15% 11% MVolt .17 
3H, M% HHnbda 
88% 62% MBon 1 JO 
431* 30% Hbiillt n 
74 40% Hitachi. 46e 

82% 54% Holiday 
18% 11% HolWy wt 

12ft 96% HoUyS 1 
26% 14% Homed 

38% 24% HmFSDJO 
2ft 20% Hmatke JO 
13% 7% HmstFs-25 
12% 9% HmFB n.15 

103% 561, Honda -63a 
BO* 58% HonweO 2 . 
58% 3ft HrznBtUje 
0% 4% Hortxan 

43% 30 HCA 
25% 19% Hoflln a 
35% 23 HougM».K 
21% 13% HouFab.48 
5ft 39% HoudfUl.M 
Sft 291, Houlnd£aO 
9 4 HouOR.53e 

HowtCp -32 
Huffy AO 
HughTI .08 
HoghSp.40 
Human .76 
KumMf .44 
HU8& ja 


1ft 77, 
1ft 1ft 
13% ft 
30% 2ft 
31% 19% 
20 % 
54% 32 


58% 98% +% 
86% 38% -% 
9% 9% -% 
10 W% -% 
19 19 -% 

fft 12% -% 

27 27% +% 

22% 22% 


44% 32% Hydra! 2.08 


29% 29% -% 
M% M% -% 



35% 20% HRter p BO £6 

37 lEPCMT pf£78 £4 

46 HPow pfSJOe 7.1 

48% 37 HPow pi 3a 7.1 

51% 44% HPOW pMA7 0J 

48 39 HPOW pf 4 ” 


£514 888 27% 2ft 2% +% 
S32 3 ft ft 
3405 29% 2ft 2ft -% 
2100025% 25% 25% +% 
*200 2ft 24% 2ft -% 
3W 447, 44% 447, +% 

2 48% 49% 49% +% 
20 *ft «% 4ft +% 
102 S0», SOI* 507, +% 

3 46% 40% 46% 


£8 


72 36% nW JO 1.1 83 SIS oTft 7ft 72 +% 

947h 133k imoOv 11 310 Wt 2ft 24% +1* 

aft Sft lmpCh£74e £3 16 973 84% 84 Sft -% 




Franc ni.14e 7J 635 1ft 


13% 13% +% 
Wt S* „ 1 
79% Tft — T7»l 
15% 16 +'* 
54% Sft -% 
16% 18% ~ 

26% 28% 

1ft 1ft 


3! 


IS JR SSo jo u* ^8t-S s. , 

Bft Sft MOW P|7J8 M B 4 M* t II 

an, 75 bldlM pf7.7B £3 £300003 93 93 +1 

Si » IndIM pf£15 £< * - & 1 +* 

27 21% hKfiM pffiJS £7 Zl W* »* !ft 

31% 27 IndiM pf£03 1£ 10 2T* 27% 27% 

29 b*8En £12 U1Z 3* 34 -% 

81 50% Inpwfl £60 3. 3 M 376 7ft 77% 7ft “1 

49% 34% InpR pr£35 A8 W iM9% <®S fft -% 

mb 1S% lno^TecJ4 1 J 29 10 2ft 29% »% -% 

ift 14% WaSO ,3Q 443 2ft 231* 23% -% 

W? 42% InWSt pMTS £8 1» 6ft Sft 6ft “% 

»% «% tatafeo 16 At 10- 260 3ft 24% 24% +■% 

G% 4% InapFb 1163 6% 6 6% 

43* 10% imoRac M 4m 8ft 26% 28% +% 


[82% 37 Kedog t_0B 
31% 18% Kalwda JO 
30% 20 Kenmt 1 
25% «7* HPToy -08a 
4ft 3ft Kylltfl £52 
17% 12% Kmrd .44 
33% 23% KenMCVIO 
30% 21 Keycp 112 
11% 3% KqsCo 
21% 1ft Keyfnt .4 &> 
38% 26% Kkkte 1J0 
1M% 77% nmbC&JS 
2ft 1ft KngWda 
11% 8% Khiwrto 
57% 43% KnchtHCH 
29% 17 Knogo 
34 
19% 

37% 22 Kopers JO 


1J 23 937 61% 60% 60% -1% 

V9 15 779 032 Sft 32 +% 

£4 45 84 . 29% 281, 29% +% 

J 21 675 o2S% 2S 25% +% 
6JM 83 387, 38% 38% -% 

£0 56 14 14% 14% 1ft 

£4 2078 32% 31% 32% +% 

AO 10 682 28% 27% 26 +% 

77 - hW% 1ft 12% +ft 

23 41 1048 uZft 21 21 -% 

£3 34 141 37% 36% Sft -% 

2J 19 491 ulM%113 113 -1% 

29 221723% 22% 22% -% 

61 ft B9* ft 

1823 718 Sft 5ft » 

_ 14 950 tft 16 18% 

2ft Roger 280 8J 54 390 31% 31% 31% -% 

VP* Kofmor J2 £2 79 1ft M% M% -% 

£316 587 34% 34% £ft 

52 " 39 Kopr pi 4 7.8 *580 52 -51 . 51% +% 

5ft 22% Korea A4e 1JS KB 58% 66% Sft -ft 

057* 4ft Kraft 1.72 £9 20 1778 80% 59% Sft -% 

35% 22% KrogaraVK £0 83 1330 35% 34% Sft -% 

2ft 12 Kobra AO £7369 42 Mr, 14% M% -% 

58% <2% Kyocar.ABa .8 42 61 57% 57% 57%' 

3H, 19% Kyaor 1 £3 12 25 Sft 30% 3ft +% 

LVL- 

LAC n JO VO 254 30% 

LN HO.t7e £4 10 25 2ft 
1£ T43 ft 

1375 21* 

1£ 7 ft 

21 4 
10. 12 
AT 2% . 

180871 13% 

£1 36 18% 

5J12 49 3ft 
1 J 2D 23' 11% 

£2 5 2ft _ 

1-6 18. 5 . 1ft 1A% M% 

“ ft. .ft ft 
— ,17%. .Jft if. . 
aM'.'B**— ft s%- -. 

IDS 12%-' +17* 12% ■ 

£3 21 * 21% 20% 2ft . 
£0 12 2M 50% 50% 50% +% 


32% 12% 
34% 17 
1ft 7% 

ft ft 
1ft ft 
W% 2% 
53% ft 
14 ft 
1ft 1ft 


LLE f%24* 
vJLTV ' 

VjLTUA 
vJLTV MS 
LTV pfC 
LTV pfD 
- LOuM 

1ft 16% LQuuiivsaa 
<0% 3ft LadGaZIO 
12% 8% UfargeJO 
30% 25% Lairg pl£44 
18% 9% LamaorJA 

5 2% LamSeh _. . _ 

Tft Wb Lm rtIMJB ' 63 & -«% 

1H? ft tearPt - 1 *“* " “ ; —a/!-*-*! 


30 30% -% 

23% 23% +% 

ft ft 
2% ft 


'% 


ft ft 
.72 72. 

2% 20. -% 
13% 13% ' 
1ft 18% +% 
36% 36% -% 
1ft 11% 


2B% 2ft +% 


ift JS* VaarP-R* 

21% 12% LaaRntaA8 
50% 36% UrwyTrl.50 

29 21% LaaEnt .80 

25% 16 LapMaa 
36% 247, LegPULSB 
T7% M% Lamn£68a 
34 14 Lamar JO 

177, ift LasIFyn 
20% 11 LaucNta 
10% S', Ll&AS n-05e 
45% sft UbtyCp.72 
Wl 56% LAy a 
417, 8 UBy wt 
48% 2ft Urn W# J4 
17% 13% LncNiQvA2e 
09* 45% Lind<tf£ieB 
277, 25% LbiCPI £28 
SZi* 71% Litton 
601* 43 Locfcbd 1 
58 36% Loctfta 1 

76% 57% Loews 1 

38 217, LogloonJa 

3ft 23% LomFnsVIZ 
84 25 LomMt£6Sa 

7 2% UxnM wt 

28% 20% Umwa044 
40% 27% LaStar 1J0 
14% 10 ULCo 
43 30% UL 

72% 59 LR. 

75 Sft UL 
3ft 22 UL 
31% 22% UL 
31% 21% UL 
33% 257, UL 
29% 21% UL 
23% 17% UL 
38% 2ft LongOr .78 
49 37i* Loral JO 

15 11% LaGanl .BS 

37% 23 LaLantf 1 
39% 2ft LaPac JOb 
38% 2ft LaP pfAABO 15. 

30 25% LaPL pt£16 “ 

44% 32 LouvGfi.80 
41% 22% Lowes AO 
40% 25% Lotted UO 
301, 22% Lubys a A4 
3H, Z3»* Locky&TOe 
227$ n% LdbanaASa 


s 


22 22 Ml 27% 2ft “Jj 


33% 337, +$c 
12 12 % +% 
18 HP* -.% 
ft ft 
40% 4ft +% 
Sft 94% -2 
3ft 3ft -1% 


P« 

S' 

s 

s 

s 


10 40 23% 23*4 23% 

V815 150 3ft 30% 30% 

16. 642 16% 1ft 1ft 

X 24 SZ7 34 

11 332 12% 

0 57 18% 

J 1215ft 
I J 12 59 41% 

2 £1 24 2686 96% 

287038% 

J 39 2713 477, 4ft 4ft 

£0 34 M 1ft 1ft 

4.38 715 50% SO 50% 

63 31 277, 27% Z7% +% 

46 198- 83% Aft 82% -%- 

£0 8 4082 51% 80% 51% +% 

V6 20. 130 571, 57 57 

14 11 1664 74% 72% 73 -1% 

VI 13 83 2ft 2ft 2ft +% 

1017 322 36% 37% 37% -% 
6811 K9 27 3ft 27 +% 

14 ft - ft ft +% 
68 13 . xlSMW* 27% "27% — % 
4.8 9 1211 40 3ft 40 -% 

S 2091 11% 11 11% -% 

*1540401* 40 401* +1* 

*20 71 71 71 

*100 73% 73% 73% 

86 30% M 301* -% 

78 30% 237, 30 

- 56 31% 30% 30's ”% 

6 31% 31% 31% -% 

2 2B% 28% 28% -% 

47 22% 22% 22% +% 

£219.118 34% 34% 34% +% 

V321 1470 48% 47% 47%. -1 

4-5 20 4 14 1ft M +% 

£7 98 1868 30% 36 38% +% 

£121 14W 37% . 57% 37% +% 

8 '31% 31%. 31% 

IV »' 2ft 28% 28% 

£0 12 110-39% 39, 39% 

18 22 541 3f% 31% 31% -% 

41 19 1148 38% 38% 38% -% 

13 24-157- 30% 2ft 2V, 4-r, 1 

£3 7 4084 3ft 30% 30% -% 

£3 12 84 207, 2ft 2ft +% 


ft ft 


ft- 


4% ft +14 
2S% 2ft 

1 1 it 


ift 12% Monreh -80' 

^ Sft **^52 

49% 33% MonPyC.®* 
5% 2ft MonaUOb 
IT? ft MONT » 
23% 20 Moore ^72 
28*4 14% .MoorM .52 


+% 


SO ~ 32% - Morten .78 
13% 12% MoteWn 
5ft 33% MotorMM 
2«% 18 Muntrd J4 
187, ift Munsga 
32 2ft MorpO ■ ' » 
28% J9%. .UtrryOM . 
24% 2d* -MuacMn 
IB- 14% MmOml44 
8% 3 MymL 

18 . 10% Myfan * 



F* ^ ^ IS, sosZpf <ft « 

s-p s- rs &.S.-5 

Oft 41% ««*** ■ £. 

98% 23% Morans .K 

23% ift MigRty£Wa 

%» &S -si 3 

.32 211^ ^31% 3ft M t'* 

£8 80 11 23% 2ft . 

- 51 » 

£7 23 1ft gV , 

7 k 

. N N N - ^ 

2ft 14 NAFOO * * ■ M ? * 2S>. SS -iv • 
37% 27% NBO a UO 3.4 8 . 141 3ft Sft + ^4 

Tl_ NH . - 40 IIP* Tft 10% — % 

38% 2ft NW .72 2A 17 39 84% **% 

[27% ^ NCNB I J UKI 725 28 + ^. 

l 6ft W* NCR 1 V018 MOB 65 .« ®% “ft 

7% 3% NL. Ind-ia £0 . 420 ft ft ft +.% 

Ift Tft ffL- ttqR'- ' 1451*51 S 1 !2,_ - 

42% 287, NU - v. £32 £4 • , 10_.uK • -^4 4ft 

75 41% HWA J» 1J21 2158 7ft'. 9ft ft 

[32% 22% Naoco'a -50 -TJ 8 17 » 27% Vh -% 

33% 23% Hated V20 £6.21 WO W. 

S% 19% Naahuajo: .7 14-321 29 ;K*a 2ft ■ 
13% 7% NBCnv J8 . £5 56, £1 ft ft ft +Tt 

64% 30 Nama&JO £5 28 ^ «ft « S' 

2ft 15% ttedEdue ■ 24 352 - 24%. 24% 2ft -% . 

B* ft • 281 704 Si S ft ■+%• • 

44 Sit MXFGS2J8 ._£3 12 « 4 », 4TJ? 43% 4-1% 


27% 13 NH 


Jft <7 fff pf 
26% . 21% NMedE .80. 
ft ft NMineS . 
40% 31 NtPraa».T4. 

WJ% 8% MSernl . 
65% . 45 : HtSempf * 
28% 20% MSvfae.64 
IS 11% NStand .40 
29% 2ft WWK a74a 
11% ft 


_J5V8 99 M% 


1ft +1* 


7% 2% 

ft I,' 
4 It* 
571? '487, 
18% 9% 
25% Tft 

22 17 

23 Tft 


Nov 

Wav 


Hav 


59.7 6 Sft '5ft Sft 

J £2 25 119027% 27% 27% +%. 

. .. 63 .ft. 4% "ft +V 
£4 15 ~BS . 33% , 33% 33%:r% 
3098 IS’-. M% M% -% 
-£7 - S Sft 39% 09% >. 
£< « 3226 27lf 36% 2ft 

£3 39 ..121* tt 12% +V , 

£6 742 28% 26% 28% -% 

162047)*. 7 7% 

wiA, , ■ " wi .-4%. ft ft • -• 

W1B - - 221 2% ", 2% ..ft- +%. 

WIC" . '»!.'• ft. ''ft'- ft'- 

pic ■ IV . 7A 5ft -50 50 . " 

J4 A19 -327 Wi «%. 09%. +%'r 
7J T2 3 0B Jft 20%:J0% -% 
7J . *120020% • ®4 20% ' . • 

£5- *40920% 20% 20% -I.' 1 

u 1: a a 22-.+% 

639 190520 .'29%, 29 7-+% 

£0 22 63 1ft 19% 19% 


Ne*PwaV44 

j*evp- prveo 
, NavP ptT.T4 
227* ift NavP plus 
351* 24% MEhflQ 2 
22 13% NJRacallB 

18 12% NPMR8 J2. _ . _ 

38% 27% NY&EG2J4 M7 0722» ■ 277, £8% +1 

S7% M NTS pf 630 £3 *25025 94% 9ft 

27% 23% NTS pMV90n7J 218 24% 24 24% +.% 

28 2ft NYS pf £12 &£ 23 25 ’ • 24% -% 

24 NewnB J4 -£317.W0.3a .35% 30 . +% 


47 22 Sj£ 17% : 13% -^*- + 




4ft 307, NwhaflaJQ v '2217 111 38% 38% 38% +% _ 

20>* 0% NewtdiajOt 8£2 18 1ft W% W? " 

- - £317- 9 7%-. 7% 7%' . .. 

J 71 1478 0^1% 29, 291* ' - 

1.1W 2911tt92%'88% 90% : +ft 
.1 15 -31% ,31% 31% -% 

13.6 44881ft,. 18% «% 

£4 " - — “ " 

94 
£0 
8J- 
£2 
9k3 
2£ 


S',' SI,' HwMRaTOa . 
291* 8% NwmtGa05e 
877, 41 NwmtM lb ' 
35% Tft WewnLeOOr 
25% 1ft NtaMP£Q8 
38% 30% NlaMpf£40 
39% 32% NtaMpHUn 
47 SO MaMpfAIO 
Sft 4ft fflaMpf4JS 
72 Sft NlaMpf&lO - 
80 76*4. MeMpf7.7£ . 

1ft 14% MagSHSJta 
24 12% NfcoM . .. 

327, 23% MGOR-UD 
10% .7% NoMAf .12 
107, 7 ■' ’Mpnmw 

99% 7ft NarftSaw . 
33 . 24% JMeSo wl' 
9% HP, Norak n-OOBr 
33 25% ’Manor .140 


'*50 SB- . 38. 


36 -.1. 
-SB - - 38*2 

*143045% ,44 4ft +f% 
zlOO JS r 68- -S3- -+% 
*1100880688 
*110 831* .83% 83% -% 
27. 1ft Wl* Wl* -V 


m 


63% 44% Norstr pf£05e £1 - 15 4ft 4ft 

19% 11% Nafttka jW 5 7 244 ..W% 


11 343 'St 2% 2ft +% 
5JB 922 u33% Sft Sft +% 
J _ ; SW 15% 15 15% +% 

6» Ift 1ft W % -% 
a? 475:9ft . Sft -9ft 
•- T 56 32% .3ft .sft.,r%_ 
£fc 782 23% - 23% 23% -% 
4311' 227 3ft Sft +% 


46 ” 35% NAPtaU - 1 
28% 15% NEuiO£37e 
28% '17% NoestU(J6 
13%. 10% MnrfPS 


H 

+v 


£817 102 41 , 4ft 
£610 90 24% 24i« 24% 

6.8 9 183826 . 2ft 26. 

... . . . . ... 3557 12% .117*,. K . _ 

40% 2ft NoSIP *150 . 58 fl 108 34% 3ft- 34% -% 

48 _ • 38% N8PW pttJO 7J. '.*210 48'. 40- 40... -1 

SB . 44% NSPw pfAW 7.0 *100 5ft Jft Sft 

' - J 2410 4ft ,42% Aft + ft 

• 86 : ft 6% 6% -% 

£8 53 4826 47% 46 4ft +1% 

.8 18 308 17 1ft 17. 

4A 201 4ft 45 45 -1% 

AS 11 .' 392 40% 3ft Sft 

3. 5ft Sft Sfl* +% 

100 52% 52% 52% 


44% 2ft . NorTai AO 
ft 3 Hthpatg 
51% 3ft Nortrp UO 
21 13% NwSHV.lOa - 

50 35 -Morion 2 

4ft Sft NotwatUO 
531? 50% Nw*t pf£83a 7A 
53% 61% Nwet pf393e 7J 


M M 

V7 


13% 1ft *% 
1ft 1ft 
4ft <ft +% 


M 

18% 11% MACOHA4 V7 547 M 
TTi* W% MAIBF 238 17 

SS% 377, MCA ' .08 V4W 2100 49 

21% ft MCorp . 3641 ft ft ft 

43 35 MCor pffiJO ' £4 1 37% 37% Sft +% 

16%- tft MDC Al - 11 .15 Mr, 15 +% 

I? 1ft MDC .40 £5 9 2384 16% 1S% 15 . +% 

t 19% MDU a V42 - 56 13 88 25% 25% 25% 


MS 

MF3 


5 
10 
» 

8 MGMUA 
13-W NH GO 


MFU n.Wa V6 


50% 39% Mecmfl .72 
19% 11% ManMnJQb 
1ft 7% MaaMW 
25% 15% MamCr.W 
54% 277, ManpWf52T 
57% 41% MhHaritJB 
55 SO MfrH pfAWa 0J 
Sft 46 MtrH (K£73B T.5 


OCX) 8% 
3821 Ift 
903 10% 
178 1ft 
958 1% 
V3 29 1361 50 
U311 671 « 
19*7% <f- 
,7 20 995 18% 
■VO 27 2» 50% 
TAB' 1176 49 
" 74 
- SS 


vfManvf 
vJMmrtjjf 
MAPCO 1 


X5 

04% 36% 

5^? MarMk£04 

B3% 2ft MarlonaJB 
14% ft MartC .32 
20% IS? Mark pfUO 
43% 26% Mariota .18 
Tft SO MohUaVBO 
14>* - 8% UwMcte 
*8% 36% MartM T ' 
38% 23% Masco a . 36 
50% 33% MaaCp £60 
14% 1T%. Maalhcl.iea 

135% 78% MatauE54e 
13% ft Manat 
11% ft- ueaLoiUBe. 
201* ft Maxem 
49 32% MayOSsl.O* 

57% ' SB Maytagl.60e 
32 22% UcDf pffiJO 

30 20% McOr p(£60 

30% 1S% MsOeril.80 . . 
7% ft McOrt wl 
14% 9% Uedtd JO 
18% 5ft MefJnfa .66 
91% 71 McOnD232 


,ft 9 +% 

10 10 % 

10 10% -1, 
1ft 1ft -%-f 
ft. ft +% 
50% 5ft -2% 
15% 15% -% 
ft ft -% 
ITT, 1ft +% 
-48% 4ft -% 
44% *4% -% 
50% 50% Sft 
w% Sft - 50% -■% 


80S ft ft ft 
■ 21 2ft 2ft 2ft — %' 
16 17 188 621?” 817, 82% %-% 
89 3720 O ■ 3% ft . ft 

AO 7 ST9 51 6ft 507, -% 
J 07 .1808 Wp 8ft 6ft -2% 
25139 61 1ft - 13% 1ft •■+■%• 
64 - 6 18% 18% 1ft -% 

A 26 2220 4ft 3ft 89%. -% 
£620 2039 SB), 06% 07 +% 

15 32 M '- '137, -137, -% 


£1 13- -1610 +8% 47% . 48% + 1% 


J 28 1003 38% 377, 36% +■% 
7J 72 48%. <7 '47 -1% 

£3 48 1ft 12% 12% -% 

A 21 102 122% 122 122% -1% 

- 821 .117, -11% 11% r% 
52 -63 1ft . W% Ift . 

177B11% .11 11 --%.' 

22 80 6943 40% 48 48%+% 

£9-20 1487 5ft J6 55 -% 

7/1 9 3ft 30% Sft +% 

SB 131 29% .29% 29% -% 

£4 6 1688 2ft 271* W* +.%, 

7W ft 6% ft +% 

£0 13 218 10% 10 W -% 

J 21 20176% 76% 76% -1% 
£0 11 538 7ft- 78 - 78 -% 


341* 


92% 


al 1 * n 

74k 52% McGfHVa - £4 23 974 71% 7ft .70% -% 

33% 2S% MCM g 10 8 33% S3 33 +1*. 

57% 2& t MeKMeUB 16 Ml 582 38% 35% 35% +% 

Sb 11* 18 vjMCLe •• 401 1% 1% 11? 

M4 McLaawi . 40 J32 % 532 +1-3J 

4ft- Mead 15Z 1.9(20 1380 70% M% 6ft +% 

15% Means ' ■ 2& 2S1 33% 22% 22% -% 

98 Madtm .08 ;vt>-tO 428 tt 87%. #7% 

5.0 9 1343 56 55 Sft -% 

£5 27 29%-' .29% 29% . 

£0 3 ' 25% -25% 25% +7% 

£510.995 7ft 70% 70% -1%. 
14 10 S 110 WB 108% 

IA 32 5090 157% 1S2 153 -3% 
£27 38 12% 1ft ,12% -% 
Wf5- 409 30 -35- 35%' -V 
19 9 470942 4ft 4ft -% 
12 17 1811 16% 15% 18% +% 


6ft Mellon £76 
29 UellonpffiJO 
2ft Mahon ptl. 09 
Sft MeMH 176 
84% MercatUQ 
75 Msndr>£20 
tw% UeroSLfDb 
4ft -2ft- Menfths.50 ' 
46% Sft MarLynJO 
19% 12% MeaaLP 2 


40.. 2B% Mom .34#- J 13 951 30% 38% 39% +3* 

46% 29% Nucor* J6. 1.017 904 36i*. 35% Sft +H 

73% 56 Nyoex *3.40. 5.1 11 4298 68 . BT% «ft +% 

OOO. . 

V Oakhid .2 4475 ft 1 ft - 

207, OakltoH.9 £0 19 W 30% 30% 30% -% 

~ ' .4 15^ 108 18 17%. 18 +J* 

£1 47 173643ft 61 . 3T 
.. 5. 1ft 12% 12% +% 

f£ 289 541* 04 . 54% + % 

785 uW% 18% 19% +% 

£011 MIS 67% 88% 87% +T, 

£4 8 .130121% 207, ft 


if'.'-: 


s 

3ft 


£6 

£8 


*» 48 40 ' 48 +1 

X 100.75 . 75 75 -4 

V 25>? 25% 25% +% 
40 81% 31%. 31% +% 

12. 34 3ft Sft _%. 
2 21% '. 21% 21% -.% 
*170 05% 951* 95% +% 
*200 81% 91 91 +% 

19 TO -t 
SB 


-S 


12 

58% 

ft 

40 


11 Oakwda.OO - 
2ft OcdPeejO 
9. OceJP wi 
Sft OodP pfBJS 
1ft OOECO 
29% Opden 2 
17 . QtnoEdlJB 
30 OhEd pf4,40 
671* OhEd pf7.36 
21% OhEd pf£01e 7.9 
, 2ft OhEd pfSJO- n 
34% 31% OhEd pr£92 1£ 

22i« 17%' OhEd prIJO £5 

100 Bft OhEd pf£12 £5 

94%: 77 OhEd M8J4 BJ 

1ft 11% OhMair ,40 £l 20 3067 W% 

33% -27% OftP prH27B IX 16 29 

2ft Jft OhP ptG£27 £5 135 - 2ft 2ft 20% + % 

‘ 27% Okfa^LW £4 12 1820 34% 34% 3<% -% 

ft OWeGpLaO 7J *100 11 11 'll -% 

377, OUn -1.00 £3 WT 513 48% 48>? 4S :+% 
ft Omnera 180 8% £% «% . + % 

ft Oneida .40 £7 124 15% IS ■ tt ,-i? 

28% ONEOIQJ8 £8 18 308 40% 40 40% +% 

30% OranRW.18 £711- 223 33% 8ft 3ft >% 

1ft ft Orange 5f 1ft 10% 1ft — % 

4% 1% Ortertr. . '171 3% 3% 3% -% 

40% 2ft OrtonC .78 £6 147 29%: -2ft 2ft -V 

34>« 25% . OrionCpf 1-1£ - 7J . .1 27% 27% 27% -.. 

1ft TO* OrionP . _. .130+16% 18 1ft -% 

1ft 8% Ok» pr JO A2 13 12 • ':42 ‘ ' 1£ ' -1* . 

38% 237* 0utbdK6+ . , 19.41 1530.3ft .32% 33% 

" ~ £2 16 38 2ft 22% 221*. 

•'•'S-SPSffi 

20 888 80% 801* 0O 1 * 

13 : 1 35£ " 

£1 W 983 M 

. . P Q 

38% 2ft PHH 104 £718 006 38% 

46 . 29% P«! * .1.08 2J 10 1308 45 

17% 15% PacAS VS4. £3 33 1ft 

27% 20% PacQEUZ 7JJ 9 115812ft 

60.35 500 53% 52% £*%■'+% 

10 173 14% 14% 14% - % 

7J 1 23% 25% 25% +% 

£7 29 100 16 147, 14% 

£811 2530 567, 55% 5ft 

82 W% -52:28%; 

£811 308 36% 38% 38% 

23 131 2ft 25% 2ft -% 

16 14 698 SSI* 34% 30 .-% 

STS 721 25 3ft 25 C; . 
4188 5 4% 4% -% 

• 486 T% 1% 1%‘.'t% 

84 588 81% Jft Sft. f H 

, 12 407 17% 1ft 1ft +% 

3 » 217 371* 3ft.3B%- -%r 
' - 7% ft- ..7% -+%" 

.3.24 267 23% - 231, 2S% .-:V 

'597 4% _J 4^ '-ft. '44k ••• 
£4 TT 7613ft 33 ^.+%- " 

fe'S-S—- O-'Stft' s, v 

ift ft W-« UM SB4 ra* wt Mt'-v 

20 2285 26% 3ft '2ft j+V-" 1, 
PonCon.05 .1 a* , 3568 ^ aau sat! +£-• 

2J M 1981 100% W* » --ft' " 
43% 31 PaPL £88. BJ 13 443 •s£!7 ■ 

S4 45 • PBPL pfAJO £7 

^ 88 z7 *0 Oft 9ft 9ft +% 

2^? 2P* SS"- E ' 1 ! I 8 ' flSS 110 no no 

WV pr 8 . £3 - *300 97 90 ' 90 ' 


30% IS OvSWp JO 
307, 87, OwenCrr 
6ft 3Z% OwidO x 
380 204 Ownfl .prA75 

18% 13% Oxford JO 




359 359 
15% T0-- 


RaaU0348 


57-45 

in, ir« 

28% '21 Paeftapf 2 
177, 13 PacSd, .40 
82% 4ft Pa*Tela&28 
31%'. 2ft pa<ffi w r 
" 31% PadfcpC.40 ■' 

2ft Ml* P6coPh 
36% 28 PainW, J? 
» -• 2ft- PakmpttJST 
♦ PahAm- > 
i PanA wt 
a« I* PonECn 2 
M% Panlll. n 
24%. Pansph J* 
3% Pardyn 
tft Parks .iz 
ft PartdMOtp- 


38 

4av 
w% 

24% 24% 


-V 


24 

ft 




96% -77 


105 S wi.- Tq+ t^; 


Panwtt.220 £4 18 112 04% fift «'■ li 5 *- . 

" “ — — +% • - 


05 

g^.y l^O <2 1 u37% S7C 3ft 

Bft- 4ft Pernio 

« i\ =v ift 12% wi 
SS ^ ® 3314-+% 

»»•? 


28% 1ft PaopEM.44 
S3 ' -26% PapBoy 32 . 

35%. 3«% Papaffic.M'- 
13% - 10% ParW rUfie 
06%- 23% PerkS .60 
ft S% PmdanASa 
207, 32 . paryOr J2 

m!' Sfi® „ J® ' 2-1 20 ai7sS 33% - 33% -t , 

33 -fS* -ES?- 4 ® 5 "' ** tt SS SS SS -v- 
r- Kj.-SMi ■ 3-£t ™.*V 

S, 9 .8&- “» .•*S'«A 


4»* .Plwtp pr-5 
17^ PMW1£30 


&e“ 

2dB 561* sr 67.r,.-T% 


V® 21842ft ‘22% 32* t 


Continued on RagcS 37^ 


m 


■<- 





.» ? ...rf-.* r/ I > " ■ • . f .. . ' ' ■■ 'Y'-,- 



* * = 


.A> _ ' 
l ‘> - 


4 'X 

fir » 


7* 7* r. i 


•' * tt- 

? 4 * ' 

i •> 


.. t m ■ 

■*« - ' 


j 


i. - > 

j. ; ?•*... ** 

' 4/ 

" I. . - ' j 

r* 'i r . 

C ... 


iT. - 


P " 5 ‘ - » 

■ft -r . - 


f- X 


s* : 


I 


9 ■; 

<4 r»" ■* 




$ j 

J) V 

5: .. --N- .. 


«i ~ ■ "• 

Si - ? ■" : ; 


l -- 

A ' i' v* 


m J ' i 

NS 


c, 


1 G t « 

>• 

«, & - 


r.- r. • 

ri ^ 

- i -i-+- 


f 5- - 

x Li " : 
"i 


TT( 7- 
?« « 

IS?' ' 

■r, v : — 

CV f; =>;-■. . 


s, S 

C S; 1 

v, S ^ 

Ft - •• 

a 

3 3' J-.- 
535 *i te. . a 

36 i -• - 


: 2- V..- 

« C - ! 

?! Si 'i - r. 


-i . 
s 3 




*; r - ■' ; 
ns T- s- 






^ I 


^ $ A' • 
J V : * 

h t V = ; 3 


5 ? h T J: 
t' ft ZrJ. 


S *■ ^ 

r t ^ 


5 s f» ft?: a 


S 5 C!--- 

fas.? 

I E* ^ 

Its- 

S r i , 

55 5 & “■ 

I i P 


h 







37 


V T'_ 




COIVTPnsrfE CLOSING PRICES 


AMEX COMPOSITE CLOSING PRICES 


Closing prices 
March 13 


■S§HS& : 
§ 8 ?- 
-is!* 


V 

!.g 

«ao >s 
*«o \v: 

_ Scs 

I**tr 


■*» a, 

s-3» 

fs — ■£* 
a-si ;$*: 
a<* 15a 

2 *a !£* 


■w ;.l» ,«M >.VIt f g- jj* J2Jta* 

r P —tfa Mj l i. w*_ ^ HI* lm 


: ’ S Sf gM* *» 

.4®* '38 WE JA4J0 9.0 
« 3K VPE pK4.4Q ft 0 
7®, •<*£ ptaa.75 ai 

Tooif war , ptsajc ao 
r^r: 15 -»e v«ijt w. 

.:.13%\ -WS -PhE pCPI.33 10. 
:'.«* »_ S C4M7.R 8.0 
. 1% Jti% PhE etcn.za «)> 

--«4\^ tie pm*. MM 1S.1S13. 

S* 2 SI P«K9J0 £3 
»-' tt - PtrE p«7.80 £0 
85 - «• PhE j*7.75 94 


Shk 

8ocPbcL48 


fpli I s n ;jj ? 5= i**“* 
5» Sl4 I' 


Dan hn* fl2MaBA P/ Si n~ Si* 

lh * rta, ll5 fc ;‘2f B *“* .fc W-'l tafcH* l*» ba£ 

2 3J 15 «7W 52% i®, +% 

Ml MW 584 384 384 +4 
25 418 - 31 30 304-1 

„ - ^ as 9 18 174 18 +4 

S S s, &cmttL5W 28 1084 294 29 294 -% 

* .1^ StaMea.72 R2 5 72 22% 224 224 -4 

j® 20 M 543 294 28% 29% -% 

IS 1 + ^» IS? X 4 8l,alrra83 “ MO 30S0u7B% 754 75 +4 


£140 m. ~ _ <« BmOMS 

js? f & 3 3 ? s; 

s g I frj sr? 

5? 5? . ,os fc +, 4 32. '»$.»«*■.» 


£ 0 . 

i% a *-2 .• ; 

;% 

j% - 1, 
f* a ^ 

5~ -j‘ 

Si :?* <; 

J- ;? 

a 

¥» *2 

*• 5J 

4 Clt^. t» 

S* <>Ht r_ 

ft t- , . 

3 4 

a 

*■ -s. ,. • 

a% r. 

ft : « 

ft -» « 

J£* •: 

i *0 

®4 ; ;; 

ft * ;; 

tB4 -c , /- 

2.’-* T : 1 ii 
i! • 
»S .■ 
*% : ^ 

»V 

*•*» :J 

l* 1 * . .- 

# si ‘ 

unt 

W4 a -• • 

W<* •: . 

56 -Cni . 

m. : . 

»4 w » 

-A O ; !• 

!»■ »*'». '- 
4S4 

AS4 5 . 

®* . 

as * 

- 

«T-r -:•; 

t'\ ■ 

m ■> 

#•*» f 

;ia C-% :r 

rt8* »"■•■'■ ' 

»■ *■?■ 
l«’i -V. 

a 

< 

»4 

- ‘ • 

SW4 ' • 

aft. - •. 

■tis ■■•■ 

sw-. -. 

W8. •- 

M . 

■ite* i* -' 1 t 

K -• 'W 

SL; :.; 


«: * 

*w “ 

§*v;ji , 

5* „• 


*vS -ne-SSS SUP'S 5 2?5 &.£ 

65 - 88- PftE {*7.75 94 ®?8 ® +1 & S 3 nA PP tt * 

184 12% PhHSbi .34 uuS SI, & ^ 83% »2 ffl% «orai 144 

site B% PhflUta 3- 34 14 '7% +4 Slnow Mb 

22 •,»• PbOpl 8-4g J2 jf «' -», « » J>P IASI 

M4 84- iwn 40 «“ 214 -v 22 w» ommi 

SfSr-lfpSISS'. 

. 71-. 3M*. KtadiW 42 .a»iS,S5 » W4 +%• J2» 3mKftr40 

71«% PIMM pf • S^St* S 5* - 4 ^ 44 

a«4 37 PfadNfil32 5412 « S ^ +% 3 SSL • 

W% 0% Ptarl • .09 m ^ S 3s 222 P* 2 * 

■ HJi'-tJb 'WiaRa.T7B to" ui 2? 22^® 5 s * % 1 2& ?S 5°™l • • 


6% Shoetwn - 

'« ft atnwtoaiB 

2% ShrPad.72 UR 19! 2C 8 

? .2" S ® n, ** x20b 499.1 4% 

% a% SflnApjrfl.a 24 6 uSS 

f S* 1 * 34 M 279 35% 

a S'* »"0»r 4Gb A 11 8048 48% 

36 aofl r 0340 34 « 41 

W*« IMmi ar 2t* 

M% Shytliw M 2017 144 17 


VS IS Ttt S«4 34 S4> 4 +U 

t2 60 Si* 79* S 4% 

2.134 113 27% 27*4 27% -% 

88 14 IS! 20| 24% 24% 

.6 » 19 . 34% 3«% 34% 

2J 6 u08 » 69 +3% 

R5 10 278 35% 35% 3$s +% 

A 11 2048 40% 49% 49% 

■4 « 41 404, 41 


k y«.a siSs i ij ^ 
a sr*"* «g ««: % t* :s g s gs*g 

PtaCn* « 5? 7?® M 1 * ' 13*4 131* -li 28% SCft 0241 


-75% 10% FWstn 

43 .«%. Plain* a 

24-'- 144* Ptemm .15 
«% 9b Plnyboy 

38% 23% Ptaaey .90* 

8% «* POOQPU 

Wf‘44% PotartmOO 
43% 174, PopTM 48 
21% W Pones 


17 S 6*% 45 -Jli *» Sre&,024 

IS IS HI* ' 1 *4 13% -V ®4% 28% BOrE 024 

7 2 25 2* 81 3i% _ %i3» 3^ sojwwIm 

,T ® ® 2ft* 22% 23* 36% 28% 4ouOwnlb 

2« « I? 22? 4 H 8 +v 2 2 S* scmwc* 

a* 18 ia 38% 37% 37% -7. » 72% SoMBkaf 

327 7% 7% 75** +C 38% 26% QCa^SS 

L7SI 3480.72% 70% 70% -V » 20% Sou0iC8T4 

21 t8 547 u43% 41% 42 — ***, 30% Solnd(a.12 


m .-5 S? ! *4« k «,** 32 12% 12% +% ®2» 25* ?*" *■« il « 2W S7% 

S2,.' 51 . . **W|* 97% BTU +1. IS* ®i to6y 0380 33 3 37% 


a a : «« »; a 

a ^ pSij ss % 27 a a 

S ■■SBg.SS 13. a S §8 SJ +> 

S 4 555? 52S12 u « «f -77% -% 

9li 37V MnPIPM iti «« ™ _* . 1 


WnOM ,«b O 11 2048 48% 4B% 48% 

gfaw maa 84 « 41 40% 41 

S*** - ™ - 37 2% 2% 21% 

SW*l»08 2017 144 17 16% 16% — % 

vpnWi • . - 122 ft, 4% 4% 

8o*a » 17 17 1200 112% 111% 112%-% 

3™**r A6 14 21 43 47% 47 47 

fnpOn»44 1422 321 35% 34% 3% -% 
8nyder 120 iz 84 10% W% M% +% 

Snyor 0249 04 84 22% 22 22 

S«i« 2 50 13» 34% 33% 83% -% 

3onjfCp23e USB 328 21% 21% 21% -% 

Soo Un . 30 2&% 2S% 2S* -% 

8outcC340 al 33 42 41% 42 

SfisCp 0240 6 A 3.. 27 2ff« 27 +% 

80^ 0240 84 1 30 30 » -ij 

SoJwMUft 80 18 10 42% 42% 42% +% 

Oowtamlb 21 1B7 32*4 31% U 

10 282 2S% 29% 28% +1* 

1 BS 85 Q5 

9810 4037 33% 33% 33% 

228 5718 26*4 28 2B% -% 

^ - ..M12 «1 3B% 88 38%+% 

SMCn 288 5L1 13 207 57% 57 57 -% 

80 80 3 37% 37% 37% +% 

8.0 -MS 13% 13 13% -% 


«% 8oUnCo.W 8.0 185 13* 2 13 13% ~% 

_ « SoutadL12 2.113 1822 53% S2% 83% +% 

~% 2 SonW0 4 0.7 81 70% 68% 70 +% 

+ % M • SaunfeOOi 22 13 803011% 10% 11 +% 

~% 60% 8omk 04.88* 12. 44 41% 41% 41% -% 

+% S 8 ® S«ft Pfi-31 7.1 1501 u30% 2B% 30 +% 

-% W| W* StoAM -13 A U 2370 23% 21% 22% +% 

st% T17 a SwtForJS* 4 2771317. 31% 3fl, -% 

+% ?2 17% SWQML28 5.9 13 1» 21% 21% 21% -% 

+ % «a% 89% SWEM&40 43 11 538 117 11fl% 116%-% 

+% 24 18% SwEnr 48 24 12 647 22% 22* « 22% -% 

-% W% 28% 8MPS 112 7.1 11 4447 30% 30 30 -% 

-% »% 15% Sp*Hon42 2011 18 M 17% 18 +% 

*O a &% SfMdP 207132 » 22% 22% +% 

+% ®L A 801a0fl-fi2 2816 % 59% Wj 9 -% 

55% 38% SQUMOL84 46 15 521 52% ST% 51% -% 


59% 37% Pwmaaeo 5.3 12 414 487 

54 48% P0E1 04.04 7.7 zB30 Sp 

25% -17% Promkn.10* A 1012 u2S 
37% . S*4 PfMMn .44 U S 86 37 

29 3% Prfmric 1 JO 4.6 10 98 2BB 

25% 15% PrfancC 2t 2980 20b 

* 2 ? 2?* £*»»“» a w Si S 

-21V a RraMLhJto 28 25 211 

93*4 85%. PIM827D 2021 4108 BBS 

^ if. «a « » 

2 T% PnffUG 4 82 T% 

8% 9b Profit .68* 23 m 7% 

22% M - PS»C0 2 S0 10 487 204 

26 21% PSCol 02. IQ a.7 2 

«% m PSkM 8 1852 16- 

45% 25% PSfci 0A3.6O OO 2200 88= 

IS , 7% PSIn 0BLO4 8J z 7800121 

15% 8 PStn 0C1.O8 27 z2200iZ* 

11% 7% PSvf*f 4 ' 1797 8% 


15% 8 PStn 0C1.OB 27 
11% 7% PSvNH 
2S% 17 PSNH 0 
25% 17 ' PNH 0B 

31*4 21% PNH 0D . 

31% 71 PNH 0E 
28% 18% PNH pfG 
38% 30% P&NM292 76 

48% PSwfiGZM , 7-2 

PSEG 0217 &S 
25 P8EQ 0243 25 
84% PSEQ 07JD 20 
93% 81% - PSB& 08.08 &7 
98% 80 P8EQ 07.40 7J 


5.3 12 414 48% 48% 487* +C 

7.T zM0«2% 53% S3% -% 

■a 10121125% as- 25% 

V2 * 88 37 . 38% 37 +% 

48 i? SL.S& 28% +% 122% 89% Swe*H&« 45 11 538 11/ 118% 116% -% 

aSSS 0 ^? 1 ^ 201 ** 18 2122* SwEnr JB 25 12 S4T 22% 22** 2** -% 

7a 30 E 1 IS 4 «% 45% ~% 37% 28% SartPS 212 7.1 11 4447 30*. 30 30 -u 

SS-w E. 21 ~ U iS 1 2*11 38 M 17% 18 +% 

5*2 £3* 82 «% SfMctP 20TVS2 S3 23% 22% +% 

L8 25 128 20*4 19% » +% W a 801QBNJS 26 16 35 53% S5% SB -% 

® T% 1% 1% 50, 38% SQUMOU4 56 15 521 62% SN, 51% -7, 

** ® S 7 7% -% 188*488 SquiUb 240 W 18 1587 158 154*, 154% -33, 

OR 10 487 2fl% 20% 20% -% 34% 23% SMI*y JO 3.0 27 MSI 26% 28 28% 

57 2 24*4 *4% 24% -1, 7S4 48% Stttey ptSJO 57 27 52% SZ% S2% 

„8 ^1«% Mi, 16% +% 27 19% SlfiPrt J8 23 20 8S50 2S* 4 24 24% +% 

K 2 ®5 3S! * 38=4 38% -% « 8% StFBk o 308 10% 10% 10% 

8J z 780012% 12i« 12% +% W, M SOUotr J2 L4 18 585 23% 20, 23% +% 

57 ^012% 13% 1Z% -t* OP* «** BUOtt 280 58 4389 80% 68% 80% +% 

4 17978% 8% 8% 34 25% StOPae 3* 20 U 8S3 34 32% 33% +1 

Z19802V, 21% 21% -% 52% 2*1, S«S>rris.64 12 18 203 51% 51 51% -% 

30 23 23 23 — % » 14% StMotK 27 15 295 19% 18% 10b 

6 25% .25% 25% — % 32 16% ONnO s J2 29 13 84 31% 81 31%+% 

4 SB 26 26 -% 33% 23% BouiWs .76 22 17 967 33*. 32% 32% -% 

7 24% 24% 24% 47*, 38% Sarroffl-00 23 13 11 48% 48% 46% +% 

1064 o3B% 38% 38% +% 139* 11% 8t04SeLt2 21 40 18% 12% 12% +% 

837 41% 41% 41% -% 4% 2% SOmqo .18 24 » 4% 4% 

3 25% 25% 29, 10 B 1S% SMBcp JO 2710 101 14% U 14 -% 

1 25% 25% 2S% +% S4% 41% St*rtD0L32 28 10 3092 54% 53% 53% -% 

zSD 97% 87% 97% 45% 30> 4 StomJ 120 29 M 380 42 47 41% +% 

z300 93*4 93*4 93% +2 at% 20% StwWr0.ee 8.7119 33 29% 29% 2B% +% 

*50 24% 84% 94% <>7, 14% 12 SthVC 0 1 7 J *880 13% 13% 13% 

222 3% 3 3% +% 1(r% 7% SOW 10 62 11% 11 11% +% 

25 22i, 22% 22% 58 46% 9ton*WL80 28 14 77 57 SB*, S6», -% 

23 28% 28% 28% — % 92 40% 8ton*C JO J 45 783 80 - 87 87% -7, 

648 20, 20% 20% +% 82% 48 SimC 0350 4 A » 80 79% 79% -% 

2238 81, 77, 8 -% 60, 401, SIQpSlt*.10 1-9 21 775 60% 69 59% -% 

631 17% HP, 16% +% 21% 13% SwEql« 9J 12 193 15% 15% 15% -% 

1632 u363* 36% 36% +% 7% Z vfSloiT 9 634 4% 4% 4% -% 

152 5% 5*4 5% +% 2ftp 17% 9MM242* NL 10 32 .2* 2ft, 23% -% 

3» W„ 16% 16% -% » & SMdRt JB 25 18 218 35% 35*, 3S% — % 

632 48% 48% 48% +% 11% 57, SuavSIj 9 7 10», 1G% 10% 

11»W% 26 28% +% 82 88% SunOA.12* J 33 78% 78% 78% 

80 sv 5% 5% -% w 92 SonCt!0 5 49 5 WS tos 103 -1% 

489 12% 12% l3, +% 10% -9%' SunDian MB W B% 9, -% 

223 1^ 12*4 12% +% 18% 8% SunB 30 330 IS4 15 IS 3 , +% 

279 4f% 40% 40% — t «1% «% SUrEntfJO 02646 114 19% 19 3 +% 

173 3^ 35 Si -% 83% 44% S»Co 3 01 17 737 9 58% 58% 

a ■ ’ MO 01% SwC 0225 U 2 121% 121% 121%+% 

H M _ * — . 64% 4?% SonA&UO 2 029 573 60 5B% 60 +% 

g*k * ® S% 2 3mMn 23784 3% 3V 

2®™^ fSl 5SS.lJ? 4 ft* 9 n*M 0t« IS m 7% 7% 77, +% 

1 123% 123%ttS%+% a 10% StnTV a J« 24 14 1183 28% » 2B% +% 

»7 10% W, 10% - T% 0% SapV0* 42 16 23 438627 28% 26% 

® ^ 4 J* +% 42% 22% SupMk, JB J 25 83581*43% 42% 43*, +1 

S 5 2?* 2T* li* T 53 * ^ a *»* 43 T2 13% 13% 13% +% 

58 S’ 2i SL l! 4 tft* SymsCp 21 537 14% 13% 14 +% 

ST* ^ i 84% 50% Syntax 180 20 34 2144 82% 81 81% -% 

Si £S Si ”> ® 24% Sysco s JB J SB 839 36% 35% 35% -1% 


3i% H% amPorJS* 

-22 17% SWQML28 

122% 88% Swe*lta40 


OB 18 159 21% 21% 21% — *4 
43 11 598 117 119, 116% — % 


7% -% I 188*4 88 Squibb £40 
20% -% j 34% 23% SMIay JO 


S% 2% PuMck 
3S% W? PHblo JO 
30*, HP, PR C0O* 
25% 19% PU00P1.78 


10% 6% Pi*mn .12 
24- 10% PuUaHaf2 

36% 15 PuroUK 
0 5 Pyro " 

17% 10% QMS 
50% 32 QinkO* JO 
30 23% OtnkSCBM 

8 3 Oa*n*K- 

12% 12% QstVI n 
12% UI, OttVCn 
49% 26% OmouIJQ 


40% 22% Qtfteti J2 h 3 15 173 35% 35 35% -% Bft 

B R R ' . 2 

10 - 67, RStod -&S .4113 73 9% .9 9 ~% «T 

85% 37 RA N&1.BO 27 15 1380360% 58% 98% -V* 22 
TH3, 118% RA pTIIjO 23 1 125% 123% 123%+% » 

11>, 8% RLC J0 1J&19 207 10% 10% 10% - " 

4% 1% RPC ... 02 4% 4 4% +% ,2$ 

38% 21*4 RTE . JO IBS 325 38% 37% 37% -% iS 

17% 7% Radtoa 489 08 9% 9% M' +% 

83% 5S4 RalsPa4J4 U 16 1227 82% Sir, 82% +% ^ 

11 8 Ramad V 3558 8% 8% 8% — % 39 

39% £0% Raaco J« 23 21 82 39% S% A -% 

5% 2% fiaosrO « 950 4% 4% % -% 

1W 68% Rayed A4 J 22 366 704% 102% 103% -ft, w 

22% 10% RJomFrtB J 15 7 21% 21% 21% . 53= 

27*4 18 Rayom260 . W. 11 80 25% 24% S 547, 

137, 4% Rayfctl 9. 4 . 9% 9% ft* -% 10 

79% 57 RaymsitBO 28 15 1170 70%' ' 77% 77% -% 34 

»4 1% RMdBI 553 f» »• f* T> 112 

1ft, 4% fWBat 0 .- 13 5. L +>4 ff 4 

11% 3 RdSt 0A 10 8% 8% 8% i&e 

16*4 44% ROR0- 1-aa 222 - s 

2ft, W, NacoER ' • S W 
9k Mm.« ;.U9 8)7 
+SJ T2 flaboki-MI J *7.488: 


7 24% 24% 24% 471, 38% SutrroCl-08 

7J12 1064 0391, 38% 38% +% 1ft, 11% 8taMSeLt2 

72,15 887 41% 41% 41% -% 4% 2% SfeagO .TO 

8J 3 25% 25% 25% 1ft, 18% SMBcpJO 

9J 1 25% 25% 25% +% 54% 41% StariD0L32 

8J ZSO 97% 87% 97% 45% 30, SCMnJ 1JC 

6.7 *300 93*4 93*4 93% +2 S1% 28% StwWT0.ee 

7J *50 94% 84% 94% -% 14% 12 StkVC pr 1 

83 222 3% 3 3% +% 1(r% 7% S&fW 

i 14 25 22*1 22% 22% 58 46*, StonNHUO 

JO 23 28% 28% 28% —V 82 40% StoneC JO 


63 222 3% 
J H 25 22*, 
JO 23 28*, 
BJ 12 648 20% 
1.BM 2238 8*, 
2 21 631 17% 


IS 152 5% 


28% 28% -% 92 40% 

2°% »% +% ^4 
7% 8 -% ««, 40*4 

W, 16% +% 5% y% 

36% 36% +% 3» 2 

5*« 5% +% 2ftr 17% 


92 40% 8toneC JO 

82% W S&iaC 0251 


1617 632 46% 48% 48% +% 11% 5% 

2814 1190 28% 28 28% +% 82 88% 

80 5% 5% 5% -% W 92 

489 12% T2% 12% +% 10% 9% 

223 12% 12*4 12% +% ^ 

4.4 17. 279 41% 40% 40% -1. 2V% 13% 

3 15 173 35% 36 8S% -% 03% 44% 


IST’ 3, 




12*4 *2% +% 
4% 4% 

U 14 -% 

5ft, 5ft, -% 
4f 41% +% 


11 11 % +% 
SB*, 96*4 ~h 
87 87% -% 

W% 79% -% 


12 Men* H 

Ugh Lm S®ck Dk YH. E 
13% 8% lMChw « 

51% 25% UNUMH.10B A 
21% 14% URS .15r .7 22 
4®, 3ft, U5PQ 246 52 0 

62 52% USR3 04W 06 

46% 32 use s 112 2.7 12 
3ft, *7% USPCis 47 

28% 14% USX 1J0 4J 
53 23% USX 0405a 25 

28% 221, USX 0 223 04 
108 88% USX 010.75 11. 

1% *« USX 0 

34% 13% Uttmte 17 

32% 191, UniPret JO .6 17 
171 6 S Unihrr 418, 26 18 

282*2 *48% UrdHV 7.17% 27 15 

70% 43*4 UCam0.64 28 25 
aft, 0% UCart] 1JQ 02 4 
13% B IMonC 19 

Oft, 22% UnSacl.92 66 » 
2ft. 27% UnB 0289 NL 
28% 32 Una 0213 22 
M 75% UH 0H 8 ar 
19% 0 UnEzp IJSa 83 2 * 
79% 4ft, UnPac 2 27 

158 111% UnPc pr7JS 40 
112% 57% Unisys 260 26 

71 48% Unfcy 03.75 56 

2% 1 UnB 

29b *8% UAM it .06B J 37 
SO 22% UnSrad 14 

a 23% ucbfTv n Jia 

3B*, 27% USum 232 7.4 6 

17 IS UUu 01.90 12 
24*, 12% UnMnd.8* 33 13 
51% 32% UnUnn .7 
31% 23% lUarB* JB 20 13 
21% 0% UUMM 
3% 2% UPkMn 1 

Sl% 30% U&atrG .12 J 12 
9*4 4% USHom 

SZ% 37% USLaas J8 1-7 13 
38*4 19% USStios .46 1.7 30 

X 15% USToO,L2D 45 15 
62 4714 USWstsJM 5.6 11 

11% 7% UnSack -14 

11% BTj U8(ck 01.30 12 
58*4 38*4 UnTacM.40 27 15 

a 26 IMTot 192 63 17 

15 UWR S J2 45 « 
36% 10% IMnis JO 1.4 

17% 9% VJntov JO IJ 
a a UnvPd s .66 2.7 20 

11% 10% UnvHRnJSa 3-0 
33% 2S% UHLaan.18 S3 11 
2Z% 1ft. UMich n 172 

1 33% 15% UnocM 1 20 22 

; 150 74% U0ohnst6O 13 34 

49% 39% U&LftEIJO 29 9 
>» 34% U8LF prX33 49 

! 72% 104 UBflaF 1.06 RS 
37*4 a% t/WPl 2.32 89 12 

a% 25 UPL 02» 86 

26% 22% I9PL 0204 80 
34*, 28% U8UC0 1.48b 47 11 

27 24% UUICO0244 84 

37% 32% UO1CO04.13 12 

V V 

A a VP Ops .7213 19 
5*4 ft, VaW 5 

11% 6% Vataro 
26% 1B% V0ar 03.44 18 

3 1 VUeytn 47 

37% 27% VBflDrm.10 a 2 13 
5 1% Vareo 

30% 22% Vartan 36 J 


3% ft, Vartty 
1ft, 12 Vara .40 26 39 

19% 12 Vasco .40 23348 
10*4 St, Vando 
15 ft VestSaUO, 41 
13% «% vostm 19 

92*4 85*4 Viacn a JB 3 
66% 51 VaB* 0 5 7.7 

101% BO*, VaE 0J7.72 73 
97% 79 VaEP pCTJO 7.6 
98% 82% VaEP 07.45 7.7 

27 17 VhtwyLOl! 49 17 

30*4 17 WsMC n 14 

99% 67% Vomad 25 

144 100*2 Vul cftl 440 25 16 

w w 

48 41 WICOR260 63 13 

12*4 4% MM3 
59 44 WaUR pM.50 45 

tO 17% WackM 60 27 35 

8*4 4 Wainoc 

50% 36 WalMrt J4 A 38 
39% a=4 Walgm 34 14 23 

5D% 87 WaiCS* 30 1.3 19 

57*, 39% WaftJmUO 24 11 
32% M% WrnC I 3 135 
63% 46% WrnC 0463 SB 
76% Sft, WanvLI.98 22 0 
30% 23% WasftG478 45 12 
3S% 29*4 WstiNaO M 46 9 
31% 247, HMWI248 43 54 
77*4 «1 Waste .72 1.0 21 
42% 29% WakJnJO 12 17 
4=j ft, WaanU 
28*4 0 W SbOD JO 10 9 
11% *« viWartC 
25% 19% Wern^a.fiO 44 20 
4ft, 33% WaisML84 1.5 8 
58% 3ft, WeflsFSIJS 3.0 TO 
52% 46 WMF 0 3, 40 
5ft, 44' VMF • 02.45 b 4J 
30 21% WMFU 2 930 

17% 9!, Wendy, J4 22 
40% 24% WeaCo.52 14 18 
58% 4 ft, WPen(%l4JD 41 
65% 4S1, WstPtP2J0* 46 14 
1ft, 8% WstcfToJO 
1% 1, WCHA 

B • 3% WCNA0 

28 0% WstnSL J4 12 7 

9*4 3*4 WUnlon 

7% ft, WnU P<S 
0% 2% WnU 0E 
43% 0 WUTI 0 
17% 6% WUTI plA 
« 48% WstpE 1.40 22 15 

58% 30% Wstxc a 1 2-0 20 
SB 30% WeycrtflJO 24 a 
13% 7% nJWhPtt 
41% 29*4 Whri0 slIO 29 14 
33% 21 Whitstd 468 

35 23 WMaafcJO 18 99 

1 17% 6% WMrad .0 13 9 

23% IV, WUIcsC.0 J 16 
>32*, 17% WBanfl.40 43 
7% 4% WitehfO 

17% = WtncMn 
» 38*4 WMXxia 46 0 

20*4 9 Wtnnbg JO 130 
8% 3% Winner 

0% Sh WtaMrja, 24 0 
64% 4fi% WOC&12.0B 42 11 

80*4 44% WSSCPU04 49 12 
63 44*4 WtacPS 3 60 » 

48% 31% Wltco s 112 23 0 
127, 8% watvrW 
4ft, 34% Whrth s!12 24 0 

140% » Wotw 02a 18 
7% 2 WrtdAr 

19% 14% WrWVln 
54 32*4 Wnjjfy stO< 21 SO 

4% ft, WorCzr 

17% 11 WytaLb 32 1-9 31 

25% 17% Wyw» JO 28 0 

X Y 

74% 48% Xarcoe 3 410 
SB*, 55 Xerox pS-45 28 
38% 21% XTRA .64 24 

20% 13% Yortdn u 23 

6 2*< Zapata 

4ft, 23% Zayre a 32 H 0 

15*4 9% Zorns* JO SO 6 
29* S 1ft, ZMWHE 

18% 6 ZrnnLb s 73 

22% 12% Zero 36 19 20 

51 32% Zumh 132 23 a 

10% ft, Z«a*B n-lOo to 


5% 2 9mUn 

8% 47. SMI 010 

» 0% SwrTr a 34 

It, S% SqpVaia 32 
42% 22% SupMkSJB 
15% 11% Swank 
14% 10% SymsCp 


& 

79% 57 

3 % 1 % 

iw, 5% 

11% 3 


U S 207 8 
2 IT 488343% 

15% 9 Raooa 0 ' 0 * 0% w, 

1 5-0 BagM On 1p8 % «-« 

B*. 0% AwlFno . 294 B% B% 8% 

« 2B% RaichC .« 19 » 008100 41 +0« 

li*, 7% RarapnJBv 3 8 531 *a W J 

141, 7% EtapGyp3S 27 0 109 9% *1 ft •*% 

57% 37% RapNVIW 22 11 364 S3 K5% SZ% -% 

32 17% RopBk 1 4414 Ift 23% 22% 22*, -% 

» 25 FtepBkpe.12 7.7 » »% » '»’■ “H 

WO 64 RBpSfcadKWIeOJ .. *. « * “2* 

36% 2S RshCol-32 J 0 450 n37% », SB, -% 

a: s; sr* u .ra ||:s 

T % 53S*“i «« 

S&.J&SSSS a 

32 Tft l Rhodes .26 ' 15 « 91 2j% »4 *&■♦> 


4% 4% -% T T T 

02% ROi-1% 0 9% TCW ■ 400 9% 9% ft, 

*!>.£?» . 53% 38% TDK .40 A 16 16 48% 49% 49% -1 

«*, * 64% 38% YECO 252 28 0 2ft 45 44% 44% -% 

SSL SL “> W % TOF l0l4O6ftb 8% 9% +% j 

77% 77% -% 34 TNP l» 61 0 » 22*, 2Z% 22% -% 

5* ?* 1« 83% TRW- 3J0 22 M 888 00% 99% Bft, -% 

7% 8 +% i% % . MTacBt 4 321 1% 1 1% 

6% 55» 08 AO . TaHflrdf.M J 274 04% 153>,153%+% 

• 27% 17. Tansy .30 11 0 297 26% 25% 28% -% 

22% 22% 30 «% Tansy 0 1 AS 66 aft, 20% 28% -% 

89 . 48% TamhdalJO 28 « 284 86%- 06% «S% -1% 

^ SL T*rt«2 37 =® 2% S' 2* . 

2®* 40U 27*4 Tamm* JO 18 09 a 38% 3ft, -% 

h 1M* 3% 1% Tftcom 9 2% 2% 2*, -% 

»* «, 3873,291 Tshlyn *> 12 17 02 339% 3» 338% +ft, 

41 42% +1% 40% 17% Tftrfta 08 13 37 793 37 35 3S% -1 

**2 »l , 101% 62% Tal« 0 758 89% 88*488 *,-% 


3.7 0090% »• |V -% 78% «% Tampht-72 J 23 227 7ft, 75% 76% +% 

2211 364 53 ®i 49k »4% TsmcoSM 22 7493O50 . 481, 40 +% 

4414 K» 23% 22% 22% -% «j r 101 Tanc pr « It 5 02 10ft, 02 +% 

7.7 » a% a 28% ~H 28% W% Tardyn 031 22% ZO t S% 

68 2 88 88 « -% 0 7% Taaoro 707 12», 11% Tfl, -% 

J 0 450 Hava* S» "5 Z7 0% Taaor 020 SO » 24% 2ft, 23?, -% 

48061ft, »,«•-)« 27% Taxaco 0 8J tt 3872 34% 34% 3«% -% 

1918 fi 48% «% -Wa -% 28% 12% TaABc .1C| 55 13% 0% 13% +% ; 

1.7 » - 2ft, », », . . Jr 18% Tenon .0 28 « 068 0 29% 29% +% 


48081ft, », W4-) _ 

26% Realm* JO U « S_ 43% '0%«|a-% 28% 12% TaABc .1£| 
14% ftenrdJSa 1.7 S* S? , . 1 31 ia% TeaOn .0 

38% ReyMH 1 IJ 14 3229 57' 58% 58% +% 37 2* TeaEft 1 

82 ReyM 0450 27 1 n120%«P4 1»*,+1, 35 23% TnMJOb 
29% -ReyM 02JO 62 «» 96% 0% », +% 169% 029, Taxtet 2 

1ft* Rhodes -36 1 15 « 91 23% S 4 + > 3®2 25% -TkP* JO 


39% 38% FHUAid .86 . U 

4% % RvrOaft 

213, 1ft, RoWanUH 

st a ar*® bu 

52 30 HochTI26* SI 

22% 17*, RckCtrira 8J 
5ft, 37 Rocfcwll.0 2> 
205 137% fikim 01.85 .7 

0 9 FtodftnrvOTo .7 

44% ZB% RHeaa* JO U 
36% 2S% Row 
347, T3 RoUnEa-OB J 
13% 13% R0b» -48 2- 

28% 11 Roper a 


tB 21 237 38 87% 87% -% 370, 

258 1% 7 }H +% 0% 

80 «I & ^ n 

B 3178 20*2 1ft, -% TO. 

SB 7 1541 22% OTj -% 11% 

00 12 13 44% JW, «% 20% 

S017 43S 217, JT% «% • B6% 

24 13 3313 5a. 64% 34% 

.7 0 200 200 ZOO -ft 21. 

.7 0 22 11 79a **3 2* 

1.9 21 2282 43% 42% ff* +’• 10% 

14 T2D 32% 317, 31*, -% 12% 

2 47 579 32*, 3ft, 3», 91% 

2J24 91 13% *fti J® 8 41 

14 287 27% »% 2% . 87% 


29% TesUmjO 
3 Tmfi to 
80% TexetMUO 


28 0 068 30 29% 2ft, +% 

29173140 35% 34% 34% -% 
28 94 SO 28% 26*4 26% — % 
1J144 7« 166% 02% «« -2 
15 33 2 27% 27% 27% 

SI 8 7884 34% 34% 34% 

MO 1558 trfft, W% W% -% 
27 M 1122 687, 68=4 6S», -% 


60% TmOt«M 0 27 0 1122 667, 6ft, 6S», -% 
S5% T«dr 0206 29 1 7V, 71% 71% +% 


11% 0 Thack 
20% 15% ThrmEa 
66% 37 UmBaoBS 
24% 15% ThemtoSab 
21 . 11% TlanlMO 

2* 12 Thortn* 

10% S TUntr 

aar 

41 13% Tbnpla 

a 54% TknaU184 
38% Tknfcm 1 
TT% 6% Titan 
18% 11% TRan 0 


SI 2 9% 9% 9% 

32 74 28% 25, 26% +% 
20 21 08 51% St% 51% -% 
32 17 0 21% 21% 21% 

28 0 38 15% 15% 15% -% 

0 13 23% 23% 23% -% 

09 5% 4% S% +% 

4341 uO 13% 12% +% 
1 11 IS 1253 88% 88% 88% +% 
23 1720 40 38% 38% +% 


13U RaMm -48 282*91 18%1»B J®* 41 13% Ttaph 23 1720 40 38% 38% +% 

££ Jf* y . J4 2S7Z7%27%27% B7%54% TknaML84 20 0 439 83% 83 K% 

35% tow 10 27 8 *“ -*£2 IS 2 l^ 1 X w 5068 Xh l £*"* 1 *** 2S 2> + * 

^ 0% Rothchti 488 229 . 13% W* 4 «% +% 0% S% Titan 127 330 7% 7% 7% 

3V town - 1345 B 5% a, 13% 11% TBan 0 1 7J 3 1»i 13. W» 

§L » 63 1 30*, 30*5 3C% +% 29*, 0% TodSbft* 5J6S 6 23% 22% 2Z% +% 

3 ? 4 £u Kj sffle 4-7 0 4478u1lZ%11Z%«2%t> 30*| 25 TodSti pUOB 11 33 28*, » 0 -% 

iS® t 9 " toJS 88 883 8% 7% 7?, +% 30% 16% TokhatoA 17 34 2*8 29 2ft, »% -% 

25 L dmii) 55 ft, ’ 8% ft, + % 25% 21% To*d 0215a £0 2 24 24 24 -% 

12“ SSSlLa 10 2a 810 27% -26% 2ft, -% S% 29% ToEd p<3.75 12 6 31 30% 30% 

Si iS ro^tofiOa IJ » 120* 36 37% »% +% ^ 39% TolEd 03.47 11 2 3T>, 31% 31% 

«* BSSnS. a 4 sa as 39m 35% 35% +% 33% ToEd 0428 12 32 34% 34% 34*, -% 


17% 5 

11 % 9 % 


£i M 259 3S% 35% Wk +> 37% 33% ToEd 0428 12 32 34% 3ft, 34*, -% 

2£ 4 ^ SSfL 17 J tth 3S& 0% » 19% “% 271, 21% ToEd 02JB SZ . 23 2S% 25% 2S% 

5& SS | S lib 26 14 7 V** ^ » 2? ToEdSS? 23 « ~% 


22? 13 19 2795 39% 39% 3ft, -% 24% T3% TotE adft(204S0 22 s ! ' 

24% ’S 22 28 0 28% 28 28% -35 6 TotfBra 054 30% W 7 ®V “*% 

S ?S* Stod, 13 W 908 31% 31% 2^4 + > 32% W, Tototaa J08 J8 *& tt% .Zft, M -% 
^ Ho- SzL KB 0 22% 22*, 22*8 -% 08 S3% TootRI JGb J521 27 63% 63 8ft, -% 

2^4 f* 18 33 tt% 13*4 13% -% 38% 25% Trchrok 1 3J 0 65D 32% 31 % 31% - 1 

0% 11% Ryn»pM-T7 *6 » 33% 21 ToreCa JO 16 15 36 32% 32 »« 

S S S 4% 1% Toeco 2689 ft, 3% Z% +% 

St tod .1761.5 If 7 11% «ft, ”% £ 25% TOBCO0288 7J 10*8^1% » +% 

SPSTec .96 24 15 58 . 40% ^2 “ +4 * 7 2 vfTo0a » Si »* g, +% 

SSMC n 155 a 2* S 4 iS 8 *v, 39% 26% TpyflUs 42 1370 38% 37*, 37*, -% 

toeim .04 .3 34S IS* l? 8 IS® 24*a 0% Trooor J3B 18 21 897 20% 29% 20% +% 


i % WSToe” 2* 15 » .« ^ •: +* f 
?f B S iSS." .04 * „ ^ «■ 3S i% S «2 Tmoor .36 

a ? a8 « a ss a, S ' a ® 

36 26 8M0J»1.5O M « 20 «% S S +5 » 

SliH-HIPC 

s » & “ .«* % a a _ a 


U 21 637 20% 20% 20% +% 
fa 138 TS% 0% 13% -*4 

517 76 26% 28% -% 


or 

Sh Ok Pn 

ID&tK^ Uw QwNCb 

405 10% 0% 10% 

5238 26*, 38 26% ~ 

07 21% 21 21% 

2745747% 47 47% 

73 61% 61% 67% +% 

928 41% 41 41% +% 

M2 38% 37% 38 
151382®, 24% 2S +% 

10 42% 421, 42% -4 
128 26% 78% 2ft. +4 

11 98% 96% 88% 

178 % % % 

77 26 2ft, 2*% *“ 

9 314 T»4 W4 " 

5 181 161 161 + 

410 01% 2601,261% + 

743 67 86% 854 

9526 u28 28% 2ft, + 

72 9% 9% 9% + 

1258 29*4 29 29% + 

12 29% 29 29% 

348 26 26 28 - 

£300 93 92 92 

TO 18% 18*« 0% + 

811 74% 78% 74*. - 

2 01% ISO, 161% - 
3832 101% 93% 93% — 
1863 64% 6ft, 64 - 

27 2*, 2% 2% - 

IS 21% 21% 21% - 

5 46% 46% 48% - 

77 33% 33% 33% 

10 31% 31% 31% - 

6 0% 16 16 

IS 171, 16% 17 - 

52 32*, 32% 32*, - 
992 30 265. 29% - 

35 12 12 12 — 

3 21, 21, 2% - 

1293 46% *5% 46% 

2206 7*, 7% 7% - 

60 52% 51% 51% - 

1061 2ft, 26% 28% + 
332 27% 28% 26% - 
4247 55% 55 55% - 

123 ft, ft, 8*, 

1 11 11 11 
2006 5S*, 52% 60% 

4463 31% 30% 30% - 
0 20% 201, 20% 

292 (4% 14 14% 4 

29 171, 17 17% +% 

91 u29% 29 29% -M, 

181 11% 11 11% 

184 33% 32% 33 +% 

SOB 17% 17% 17*, -l, 
2820 33*, 32% 33% +1, 
3811 14ft, 136% 138-4*, 
410 41% 41 41 -% 

1 37% 37% 37*2 

79 11% 11% ff% 

2033 2ft, 25% 2ft, +1, 

3 27% 27% 27% 

12 2S% 25% 26% +% 

41 31% 31% 31% 

2 25*8 25% 25*, 

S 33% 33% 33% +% 

V 

1825 1.40% 39% 39% 

766 5% 47, 5% +% 

4986 uff% II lf% +% 

78 26 25% 25% -% 

0 1% V, 17, 

36 3«% 341, 34*, -% 
60 ft, 2% 2% 

294 28% 28 S -% 
1545 2% 2% 2% +1, 

85 15% 15% 15% 

266 17% 17*, 17% -% 

57 9% B1« 9% +% 

74 M7, W% 747, +1, 
20 ft, 8% 6% 

3904 51% 51% 51% +% 
z70 65% 85 65 -T% 

2155086% 99*, 99% +1 
2540 94*, 94*, 941, +1, 
2310 95% 90% 96% +% 
151 29, 2S, 25% -% 
072 u3Z% 30*, 31% + U, 
38 99*, 96% 06% -2*, 

12 138% 137% 138%+% 

w 

63 40 39*2 0 +% 

62 6% ft, 6% 

250 Sft, 5ft, 5ft, 

57 22% 221, 22*, -% 

M2 6* s B% 6% -% 
3320 56% 57% 57% -% 
12W37?, 3ft, 37% -4 
172 4ft, 45 4ft, +1 
708 uSft, 58*; 58*, +1% 
2059 32% 31% 31% — % 
419 63 621, Q21, -% 

6D30U7E% 741, 75 +1 

246 27% 2ft, 27% +% 
168 31% 30 30 -% 

38? 30 29% 30 +% 

1551 76 74% 74*, -% 

414 34% 33*, 341, +% 
3S 2% 2 2 -% 

192 21% 2O* 0 20*, -% 
483 1% 1 14 +4 

41 25% 24*, 25 +% 

64 41% 41 41% +% 

2184 52% 51% 52 

8 50 50 50 -4 

150 50% 5ft. 50% 

144 21% 211, 21% -% 
4)03 11% 11 114 

09 38% » 38 — 1, 

y20 55% 55% 55% 

528 83 81% 61% -1% 

27B «0 11% 12 +% 

281 % 11-16% 

13 S% 5% S% -% 

237 2ft, 19% 20% + 1% 
346 ft, 5% 3% -% 

18 ft, 2% ft, +4 

22 ft, 3 3% +% 

12 35 34% 35 +% 

3 8% 8% 8% -% 

3601 65% 84% 64% -% 
101 49% 49 0 

358355% 53% 53% -2 
49 8% 8% 8% -% 

5242 391, 38 38% -% 

03 2B>, 28 28% +1% 

05 33% 33% 33% 

483 S% 8% B -% 
207 u23 22% 23 +*, 

064 32% 31% 32% +% 

28 S3, 5% 9% 

55 17 16% 17 +% 

345 46 46 *6 *2 

3«7 15 >4% 141, -% 

97 31, 3% 3% +% 

0 8% 6% ft. -% 

751 51% 50*, 51% -% 
54 51% 51% 51% -% 
70 £0 4B*, 4ft, -% j 

267 45% 45 46% -% 

21B 11 10% 10% -% 

1361 47% 46*0 47% + 1 

3 04*1 134% 134*8 + 1% | 

56 7% 7 7 -% 

30 18% 17*i M% +4 

85 51% 50% 50*j -1%; 

2 2% ft, ft, I 

82 17% 16% 17% +% 

23 21% 21% 21% -% , 

z 

2349 73% 7ft, 7ft, -V, 

29 55*i 55% 557, 

289 26*a 25% 2E% +1% 

0 20% a 20 

789 3% 3% 3% +% 

2289 30*, 30% 30% -% 
60 13*, 13 13% +% 

584 25*, 24*, 34*, -% 
2466 12% 11% 11% “V 
96 19% «*, 19% -% 

49 50% 50 SO -*, 

705 9% 9% 9% -% 


V Sh 

Sack Dm E lOOt High law 

ACIHW 13 147, 14% 

ACIpf 129 56 14% 14% 

AcmePr.tMo 3 12 8 6 

Aeon 110 ft. 98. 

Ar»uaH 51 14 23% zr? 

AlbaW 20 9 g% 9% 

Alphaln 88 7*. 7% 

AJZW 872303tf3S% 31% 
Amdahl 20 46 940 0 38% 

Afcraal 30e 9 57 28% 28 

AU*BA .53 }} 5j j, 20% 

AMBId 93 4% 4% 

APpO 3 45% 4ft, 

APrecs .18 91 104 J5% 15% 

AmRoyl 273 5% fl 

ASdE 83 23 S% 5 

Am pal JS 9 170 ft, ft. 

And* 3 56 ft; 7% 

AntUcb 38 z% 2% 

ArzCmn 31 9 8% 

Amttffl 6 2% 2% 

Anto® 11 3 22% 2?u 

Aanvg JO 166990 ft, 9% 

Asm* 162 M-0 a. 

Aiartn 251247 28% 25% 

ABaCM 363 1% 1 

Allaswi 29 u 5*, 5% 

Q B 

BAT JOB 790 ft, 8V1B 

Banara 24 8% 8% 

BaryRG 11 67 W, TO 

Baruch 1 7% 7% 

BerpBr J2 20 SS 25 24% 

BfcCp JO 17 31 33 33% 

S*gV .44 14 106 141, 13*8 

Butt Ml 1 13 8 26% 28% 

BlOUhtA .45 29 IS 13% 0% 

BlounS .40 29 I 13=, 13% 

BowVaUOr 374ui4% 13% 
aowmr 19 2 3 3 

Bewne .SO IS 346 u37% 36*, 

Bncn 3S.88 18 752u27% 28% 

c c 

OS tt ST 30*, 30*, 

CMI Cp 28 3% 3% 

Calprop.OO 14 242 13*, 12% 
Cameo 44 24 4 16% 7ft, 

CasUA JOb 475 6 14*« 14*, 

ClryBu 11 9 23% 23*, 

ChmpH 1265 111-16 19-16 

ChmpP .72 0 28 58% 5ft, 
CMMdA J4 17 55 24% 24% 

I Cnflv 1 JOa 13 4 22% 22% 

OilOve 1 S% 8% 

CtyGas 1.0 0 41 iM4% 44*< ■ 
, CmpCn 239 8*, 8% 

! Cnchm ,40a IS 33 24*, 24% 
CcncdF 43 46 11% 11 

ConrCp 7 0% ft, 

Con&OG 37 1% 1% 

1 Ccmsino 14 34T 14% 14% 

ContMd 13 2 23% 23% 

Cross 1.60 22 313 u5B S4i, 

CmCP 138 0% 17% 

CJrCPB 36 to% 14% 

CwCPp!192 73 28% 27% 
CwCpfD2-?5 39 28% 27% 
Cubic J9 61 *28 19% 19*, ‘ 


1 Osa Ctnp 

«% 

14% 

6 - % 
ft, - % 

23i I+ %’ 

ftj+ % 

v » 

X 

*s<- S 

»!+ y 

3%- % 

l * *• 

Z S+ % 

a®?+ % 
=% + % 
s*,+ % 

8% + V16 
8% 

v % 

a:t 

14*4+ *4 
28%- 1, 
13% - % 
13% - % 
14%+ % 

3 

ag-% 

13% - % 

a - ' 

23*, — % 
1%+V0 
56% -I*, 

2ft%- % 

8 %+ % 
24%+ % 
11 %+ % 

«%+ % 
1% 

JS 4_ !* 

23% - % 

56% + 1% 
18% + % 
15%+ *1 
28% +1% , 
28% +1 
19%+ *, 


r/ sh 

Stock Hr ETOOtK* lav Gkaa (tap 

Curtice J6 18 54 041% 41% 41%+ % 

D D 

owe .oh 417 5 4*0 4 *. - % 

Damson 310 % S-1Q % 

Datafid .16 221219 0 13% 13% 

Dehned 572 % 1V16 11-16-1-0 

DU lard .12 0 1256 45% 4% 441, -1 

Diodes « 3% ft, 3% 

DomeP 1062 », 13-0 13-0- % 

□omtrs 1 3» J*, 33% 34 - % 

DrWer 2 *% V, 1%+ % 

E E 

EAC 3 8% 6% 6% - % 

EagXX 83 2% 2% 2% 

ESMCo 1 14 12 24% 24 24% + % 

Estop 290 b 10 4 311, 31 31% + % 

ecficeg .14 220tuS*% 33% 3S%- % 

EcaiEn 1018 2ft, &*% 24?* -2 

Etalnor Ui 3% 3% ft, 

EntoM-Oaa 01 6% 6% 6% - % 

EntUks 885 15% VC, 147, _ % 

Espay JO0 0 19>4 19% 

F F 

FabM JO 0 0u3S% 3S% 3S1 2 + % 
Premia 2 <7 6% B 8 - % 

FAusPn 1 726 8% 8% 8% + % 

FbcbP .811 33 18 18% 0 0 - % 

uiRanto U 5 ft, 6*, ft, + % 

Fh*e IJfit 19 84 26 23% 38 + % 

FtfnOS IB 86 6% 6% 6% - 1. 

FOWLS 39 378 29% 2ft, 28*, -1 

fmpEa 22 28 26 27% 27*, - % 

FruULit 6221 9% 9 ft, - % 

FurVh JB 271850 12 11% 1t%- % 

G G 

Gftl 0 16 8% 8% 8% 

GalryO 862 % 5-0 % 

GatLjr 589 6 5*, 8 + % 

Grand* .U 18 172 30% 29% 0 + % 

QntWg 20 208 16*0 is 0 - % 

Glams JO 20 148 34 33% 33% 

ftnmr 1b 124 35% 34 34*, -1 

GklFld IBB % 7-0 % 

GrndAu 202 A 23 21% 22*, - % 

GrtLkC .60 28 168 50% 49% 48% -1 

Grooms 2035 12% 10*, 11% - % 

Greiner 13 1 14% 14% 141, 

GrdCha -42 18 49u17 18% 18% - % 

GUCda J2 1592 u20% 20*, 2ft, + % 

H H 

Halmi T7 803 4% 4% . 4% - % 

HampB 1.371 8 17 12 IV, IV, 

Hasbro .06 ISBSZT 25% 25 25 - % 

HlthCh 128507 14% 14% 14% - % 

Httvsm1J7e 157 21 2fta 21 

HMco .10 8 64 33% 33% 33*? - % 

HsrttEn 9 132 9% 9% 9% 

HershO 5 4% 4% 4% 

HoilyCp S 71 tt 14% 15 + % 

HmoGp.QSe 8 429 24 Z3* 2 28*,- % 1 

HmeShs 7504 26% 23*, 24% - % , 

Honyuan 77 13% 13% 13% - % 

Hernia* .60 21 27 38% 38% 38% 

HmHar 802 13% 1ft, 13 - % 

HixjOT XB\ 634 2 V, 1* a - % 

HovnEs 251085 35*, S4*. 35 -3% 

Huskyg JO 322 8% 8% 8% 


ft Sh 

Stock Db E lOQtHV X" 

I I 

ICHa 52568 17 16% 

03 .0 25 1 7% 7% 

ImpOUgl.GO 7291.48% 47% • 
InstSy 17 ZTO 2% 2*4 

toeSypIJS 2 i, 

IntCtya .80 H 88 0V 0*2 

monk a -Ml 37 13% 

tntBkm 11 450 5% 5% 

IntPwr 2 4% «% 

boqBtf 10 121 35% 33% 

J K 

Jacobs 0 24 ft, 9% 

JstrPn .777 12 77 5% 8% 

JchnPd 33 4 

John tod 10 127u23% TZ'j 
KayCon .12 4 30 70% «% 

KeyCoA.Se 13 H *1 «» 

Klnark 16 30 3% 3*a 

KJrby 177 3% 3** 

KegerC2« 50l48u31% 30* # ! 

L L 

LaBarg 29 1% 1% 

LdmkSv.lGa 9 M 11 i®4 

Laser 0 220 14% U 


Jacobs 
JatrOft .777 
JuhnPd 
John tod 
KayCpn -12 
KeyCoASa 
Klnark 
KJrby 

KegetC2« 


Odk Chega 


«*,+ % 
fti- % 
4ft, + 1% 
2% 

3 

13%+ % 
0% 13% 

S% 

4% 

34% +1% 


LetswT 
Ltottme 
Lionel 
LorTta 
Umax .08 
LynchC 20 

MOO Hd 
MCO Re 
M9 Ot 
M&fi 

MarfPs .12 
Matftsh 
Matrix 
Mediae -84 
Mem JO 
MchGn 
MtoanWSa 
MtoWE J4 


13 278 ft, 9% 
32 12$ 4% 4 

14 1257 9% 8>s 

20230 20% 1ft, 
16 925 29a 24% 
34 8 23% 22*4 

M M 

£03 14 M 
0 *2 >2 
42 16 15% 15% 

17 1% 1% 

40 50 18% 181, 
79 9% 9% 

18 672 13>, d12*« 
82 119 u62% 61% 
28 2 16% 18% 


3*8" % 
23 + V 
Ifts- % 
4% 

S%+ % 

*% + _% 

307,- % 

*% 

10% - T, 
14%+ % 
0 % - % 
4% 

ft,- 1, 
2ft," *4 
29 + % 
22 %+ % 

14 - % 
*2 

15% - % 

1 % 

18%+ % 
9% — % 

13 - % 
62% + % 
1«,+ % 
1 

II*, 

13%- % 


Mem JO 26 2 16% 16% 16% + % 

MchGn 850 V, 1 1 

MtoanWJBe 4 10 11% 11% 11% 

MtoWE -24 78 120 13% 13% «%- % 

N N 

NtPaM .10 4046 1ft, 15% 16*,+ V a 

NMxAr B 5 2ft, 23% 23*4 
NProc 1.18 b 18 6 31 31 31 - % 

NYTmeS.38 291800 46 44% 45% + % 

NawbC J5r 33 2% 2% 2% - *, 

NCdOG 44u10*, ID*, »%+ % 

Nuc&X 0 3% 3% 3% + % 

Numac S Ml A 8% 8%+ % 


Tl Sh 

Sack Ob E lODaHP tow Qsm Cfc* 

PrcCm 443 11% 11 H%+ % 

R R 

RBW .10 IB 6 77j 75, 7% + % 

Ragan .72 25 19 0 19 + % 

Renabg -72 27 IS 14% «*,- % 

Resrt A 7441557 6Z*« SB 69%-2* z 
Resrc B Z2600133 00% 133 +2% 
RsttsB II 24 10>, 10 VP 4 ' >fl 

RtoAsA.aoa 11 -95 0 B*, 0 

Rekwy .32 19 510 IV, dll 11% “ % 
Hagers .12 32 14 2#* 24% + % 

Ru3icka.32s I3M 1»g 0% 18*,- % 

s s 

SJW 1.68 tl 4 38% 38% 36% 

Bags 70 8% 8% 8*4 

Seheibs .30 16 24 18% 17% 17*, - % 
SbdGp .50 0 5 100 181 781 -11 

SecCap JD 138 7% ft, 7 + <0 

Soiitmn S 56 8*1 8% 8% - % 

SpedOP 6 6% 6% 8% 

SHavn 34 4 4 4 

Starmd 21 7 0 13 0 - % 

SBfIB 163 T1 1% 1% 1%- % 

SterSfl 15 344 13% 13 0 - % 

StrotW 20 1% 1% », 

Synaloy 253 5 4», 5 + % 

T T 

TIE 288 3% 3% 3%+ % 

1H 12 10 5% ft, 9% 

TabPrs JO 24 IIS 19, 18% 18% + % 

Tand6r 30 12Qul5 14 14 - % 

TchAm 12 3% 3*, 3% 

TchSytn U 40 1ft, 18% 1B%- % 

TechTp 12 14 5% ft, ft, - % 

Telsci 87 3*# 3*a 3=, + % 

Telasph 231 3 Z*, 3 + % 

TmpiEn 1200 12 11% IT*,- % 

TexAIr 856888 43% 41% 42% + % 

TodPtfl JB 17 2O6u23*0 S3 23% + *, 
TriSM 7 7 l*a 19% 1B% + % 

TubMea 3 192 ft, 2% 2%+ % 

U U 

UffVfyn 14 » W% 0% 10% 

UFoodA .10 0 290 2% Z% 2% + % 

UFoodB 44 79 ffl, 2% 2% ~ *8 

Umvfis 8 2*, 2*8 2*8 

UnvPaBJa 15 14% 14% 14% + % 

V w 


291800 

48 

44% 

45*, + % 

Vtfteh 8 

7% 

7% 

Vi 

33 

V, 

2% 

2%- % 

Vemtt 11 50 

9% 

9% 

9% 

44 u 1C(*a 

10*4 

ra%+ % 

Vertote B 143 

7 

6% 

S* _ 38 

46 

3% 

3% 

3%+ % 

WTC 212 

ft? 

6% 


38 M8 


8% 

a%+ % 

WangB .16 9863 

1ft, 

15% 

15% - % 


OEA 
OOWep 
PaUCps .94 
PE Cp 
PerMC .BO 
PhHLD 23a 
PtonrSy 
pttDsm 
Pi ttway 1.60 
PtcrDg JO 
PopeEu 
Pra aid 


O P Q 

IS tt 23% 23% 
3 7% 7% 

Z7 890 33*« 3ft. 

120 % 5-16 

21 22 S2% 32 

7 188 14% 14% 

193 3% 2*, 

71 28 20% 19*s 

18 1 109 109 

S41 u32% 31% 
904 3 2% 

138 166 u 5% 5% 


2S%- *8 
7%+ *a 
32*, - 1*, 
5-16 -1-16 
32% + % 
14% — % 
3*,+ % 

IV, -1 

109 

31% - *8 
2 %+ % 
S%+ % 


Wash He 8 236 14% 13% tt*a- % 

WshPvUS 25 34 192 189% 192 +2% 

Wthlrd 25 1% T% 1% 

Wei loco JS 8 2 23 23 23 + 1, 

WeilAm 3 212 2% 2*, 2% + % 

WBiGrd 16 4i, ft* ft, - % 

Wstbrg JO 0 14 0% 16% «% + % 
WDirtd 202223 27*, 26 26% -1% 

Wichita 3 1% *% 1% 

WIckas 193000 4 3% 4 

Wdstnn .« 17 29 23*, 23 23% - *4 

X Y Z 

Zhnw 88 3*, 3% 3*4 


OVER-THE-COUNTER Nasdaq national market, closing prices March IB 


0 218 17% I* 1 * "1 32% 1Z *, TWA 517 29 2ft, W, -% 

119 6% £* & 18 13% TWA (8228 7X 68 17 16% 17 

A 32 *183 27% §*■ +> 4ft, TrorwiiTtt 82 8 26793ft, 

S3 10 24 36 35% 35% 26% 23% TrmnlndUB &7 17 28% 28% 28% 

13 219 1ft, S 8 *5* Iftf 11% TmCPaftLIZ 0 580 bWi 1®2 +^ 

J 28 364 7T, 78% 78% -% t2 Tnwoto * 8* M% 15% 15% -% 

5.0 50 5ft* 50% SJj gj} 35 TranaedL72 5J 1180 48% 0 0% -% 

1.6 12 W71842 «Pb IS 8 12 TO 4ft* TmfC pO.87 67 310 58% » SB -a 4 

7.010 3580 39% M *5% ^ 0% 11% TranExLTO 68 339 18% T7% TT*, _ 

5.0 244 6% 8% 8% nu 7% Tranacn 14 22 7% S 2S 

.11 1ft, 10% ^ - Z7% 26 TrGP pt250 a* 4 2»* 36% 28% 

0516 23 3V, 31% 31% -% ^ ;77, TwdLqn 35» W« W, W, “% 

H. 04 20 *#( W* , sBh 42% Tr»vtor2J8 4511 1100 51% W, Si — % 

eg 1872 35 ^ 88% 33% Tm* P»<« »J . 384 54% 54% 8ft. 

23 20 2180 4S*, 43 ^ +5 8 ^ a TriCaa&859 18. 174 32*, 32% 32*, +% 


32*, 25 
® 


^ I? ^ ^ S J ^ 

S, s “ s. ?3S^aa ss 

f g ISS 1 , is a. SSs s r ss. 

5 2* ^raf-SO S* S 35% 32 TrtCn 

SlffsaB-Cff ss 
II -rill:: s. 3.s 

10 tSStwao 19 22 130 97% tu W% 42*, Trtnm 

SB 81% Stfr™-* . n 044 38% 37% 37% % ~r. ml TrtlEii 

33% 27*, Srf^iW- 20 2206 u1E% 1®% 38% S% TrttE 
Ift, »? SO" .J? J 7 1 6 4*2 79% 79% 79% -% TucJ * 

8V, 52% S^P ^8 ig 137 IS'a « J2 -£ ®* 12 TW * 5 

*8% 12 Sorty® 31 a ^ lPt ^ Jft? % 18% 14% TwfcX 

SSSaaa s jJSsP 1 *** 5 

R A ss SSSSi , 22o SS S! ^ 

-ws. saaorra 1 '- 4 13 S? «e ifls. 18% 34% 17- 


0 580 u15*, 15% IS*, +% 

4 84 16% 15% 18% -% 

100 48% 48 46% -% 

9W 98% 98 68 “% 

339 18% 17% 17*, 

“ f 3. S. 


TrtCn p(2J0 7.4 


174 3ft, 32% 32*, +% 
2 33% 33% 33% — *, 


5.1 S 120 17% 17% «t 20% Trtei a .12 J 14 395 37% 38 38% -ft 

ftB 8 1*8 W* !?• + ’ 38 »z TrttOO pt12 A 3 88 VU 9U ;% 

283 2 ft IJ* 79 56% TWtomftJO J® 11 2“ 

3 3% ** Si 3% ?% 7rte«r J4a U 26 2% »r »* “% 

BJ 0 338 35% 33 35% +*f — ^ Trtoo JO 2J8B. O 8 7% 7% 

35 e% 6% .« 25% 1^4 Trtwy JO 20 52 2686 2ft, +% 

■LB 22 130 97% gftn 9ft* + «! 42*< Trtntw * 1 1-6 9 314 63*, 83% 63% _ . 

13 404438% 37% 37% 7% 


»% 42*, Trtntw i 


J 0 2145 16% 15% 16% +% 

7J 13 28% 2fl% 26% +% 

8J 0 278 59% 58>, 58% -% 

15 17 20S 21% £0% 21 -% 

29 2 18 18 18 

J 20 329 48*, 47% 0 +% 


ff m a S?s? 5S3 J 29 U&'ShS 

s a ^ u 8 


V 1*08 100 81% 58% 8% — 2*; 


S% a Ki. i ff 

34 % 23*b SeABnei . » ^ 


9 BERGEN 


Sate figures an urwffidaL Year* Wgbs and tote reflet* tha 
previous H weeks plus Me ewient week, bul not toe tew 
truing day. Whers a spit or stock dMdand amounting to 2S 
pa* cam or mere hes been paid, the year's hl gMow range and 
c&ddend are shown for me new stock only. Untoaa ortieivte e 
noted, rate o* iSyWend* am amuai dhtxasoments based on 
the latest dKfcntton. 

a+Mdand also axtra(s>- bromuai rate C< cWdwid {to- 
stock dMdend. oJqLidailng dMdmd. dd+adle d. d +wwye arty 
low. e-cflvtdand declared or paid to prectaflng 12 months^g- 
cSvtdandln Ctawten funds. »*iar* ® i^ nort+estoenca tax. 
HMdanl doctored after apBt-up or stock cflwdend. H* vWof,d 
paid tide year, ontttad. deferred, or no actoon fete* at tat eat 
cMdend raateig. k-dMdend cfectarad or paid Ws jw. an ac- 
cumutartve issue with eftkfenda to arrears, ihwh taauan toe 
put SZ weeks. The Ngfrtev range begins u«h the start o* 
treeing, nd+wdl day daBmy- P/Eurico+wnings ratio r+fr+ 
dand dectared or paid to premMg JJ mandjhpiJa stock *n- . 
tend, toftoefc spflt. Otefenife begin v<ft_<fe w <* *r 
y rtff,- t-dMdand paid to stock In practaSng 12 months, aad- 
maaed cash value on ax-dtaktond or ax+istraiutien data u* 
new yaarty Wgh. v- tracing halted. »*-to bankruptcy or raoeivar- 
aWp or baing ra uig to i taed aider the Banknjptqr Aft. or iwu- 
rWaa assumed by such compantea. wd-ftstributed. ad+*her 
issuad. ww-wtt! wsrenfe. x-ax-dMdanl or m-rights. «ks-ex- 
dtatributioR. xw+ftthout wa rr a nt s . ytet+Wdand and aalee av 
tui. yW^tokl. z-ealea to fuk 


STAVANGEB 


HAND DELIVERY SERVICE 


of the F1NANCIALTIMES now available in 


OSLO, STAVANGER'S BERGEN: 


^ „ Mikarf ueireO FmBncia* Times Scandmawa or Marianne Hoffmann 
«?^^W^OOOCopenhagen Narvesan ASOslo 

wnm>w=a«wta_ 


ADOS 

ASK 

AST 

AT&E 

Acelrtn t 
A ctmM 
ArfvTel 
Aegon J7r 
A naan 
AgcyR, t 
Agnicog JO 
AlrWtsc 
AtaFol .12* 
AlcoHlt 
AlaxBr ,15r 
AlexBa 1.36 
AIlAfra 
AtegW J4 
A*ieg8v 
Alkien 
Ahoe 

Amcaa .44 
AWUri 
ASnkx JO 
AmCarr 
AmEcol 
A Greet JB6 
AmHhn 
AmlnU .40 
Amtnlg 
ANOns 132 
ASvNY.15e 
ASNYpI 
ASvWA.15a 
AmSec 1.02 
AmSoft.lte 
ATvCm 
Amntr 1.76 
Amgen 
AmskBk.56 
An logic 
ArchO 
Andv9vJ0s 
Andrew 
Anitecs ,30 
ApogEs .12 
ApaloC 
AppiBk 
ApploC 
ApIdSto 
ApWMs 
Archive 
Arbor 
Argosy 
Ashtons 
Astrosy 
AKOT .0 
AdGUel.ra 
AUnFd 
Ail Fin JB 
AUFpl 1.05 
AtfRes 
AUSeAr 
Autodsk 
1 Autadte 
Auxion 
i Avmek 

;bei 

BRlntee 
BakrFn la 
Bekerj.Ofe 
I BkS_yB JO 
BaIBcpa .0 
1 SnPnca 1.20 
BcpHw 1.0 
BKNES1.0 
Bnkesis .0 

BnkFsJ 

Bankvt .20r 

Santa M 

Sains 

BsmF JOa 

BaUMt .10 

BayVw 

BayBksl-32 

BeaudC 

Beebas 

BarUys J4 

BertHa 


CatlCms 

CntrBc 1-80 

Centcor 

CenUm 

CenBcs 1.70 

CfiahSs 68 

CFIdSk .96 

CntyCm 

Corityn 

CenCT 

Cetus 

Chrm9S .W 
Chrtwai 
CJlfcPB 
ChLwn .40 
Ctwroiis 
ChiCni 
| ChIPao -05a 
ChfAuiS 
CAWWkJ 
. CM Us 
I Chiron 
CtuiendLlfi 
Chrcnr 
CnrOwl Ji 
CtnnFn 1.52 
ClnMlc .ISe 
Cinlas 
Cipher 
CccSoCp 1 
CizFGpl.OBa 
CfitU As 
Cwyfed .40 
CtFdpTBJIO 
CtyLTr ,25c 
CtyNCs .64 
CttyScpl.12 
ClarU .98 
Ciomrs 
CoOpBk.42e 
CoastF 
CstlSav .20 
CoaiSI 
CobeLb 
CocaBd .68 
Coeur t 
Cohemt 
Cotogna 
ColFdis 
CScgpA .60 

ColnGp 0 

Cl n Gas 1.0 

CoiONt 

CotorSy 

Ccmalr 

ComcStS 

Cmertc220 

Cm Betts 1.08 

CmOrolJO 

CmceUS 60 

CtncFd* 

CmtShg .56 

CmwHfl 


Stes Ikgh law Lap Chag 1 
OMst I 

16 11 20% 20% 20’s — %’ 

28 285 15*, 15% 15% - *, 

12 2406 20% 18*4 16*, -V, 

3245u21% 20 20%+ % 

10 125 9* a S', 9*i + % 

SB 3 38*, 36*4 3ft, “ *4 
242730U16*, IS 15*0+ % 

10 43% 43% 43%+ % 
21 102 13% 13% 13% - % 

26 305 23% 23 23*, - % 

108 24% 2ft, 2ft,- % 

18 326 12% 12 12 

5 73 24% 24*, 2ft,- % 

17 105 21 20% 20*,+ % 

16 426 33% 32% 32% -1% 
15 145 40 48% 48% - % 

411017 IS 14*s 14%+ % 

12 140 27% 27% 27%+ % 

1104 5% 4% 4% - % 

657 10% 0 1ft,- % 

386 15*8 19a 15*1 

2SD 12% 12 121, — % 

38 1985 10*| 10% 10% - % 

7 810 14% 14% «*, 

10 69 10% 10*, 10% 

15 62 17*, 16% 16% - % 

151345 31% 31 31 - % 

16 236 16% 16% 183,+ % 

10 547 14% 14% 14% - % 

8 329 ft, 6% 6% — *1 

5 8 44% 44 44 - % 

B 316 21*4 20*a 21 % 

17 25 2ft, 25 

7 166 19 18% 1ft, 

15 195 39% 39% 39*, - % 

20 791 26 24% 2«, -V, 

59 459 22% 22 22 - % 

10 870 43*, 42% 43 + *,. 

S3Z 5778 4ft, <fC% 40% -3*, 

9 194 23% 23 23 - % 

13 290 12% 12 12*, 

12 5101*42*4 41 41 + % 

195 21% 21 21% - *, 

191107 18*, 0 18 - % 

19 441 25% 25*, 25%+ % 

18 134 10 % 9 *, 10 % 

67 6247 18% 17% IB*,- % 

12 207 3ft, 35 35%- % 

278822 8B 83% 63% - V, 
37 32748 32% d27 30 -11% 

1236 17 18% 16% - % 

33 305 8 S', 9 

21 38 20 20 20 ♦ % 

29 155 231 4 23 23% + % 

23 5S96 28% 25% 26 - % 

18 779 9% 9% 9%+ % 

190 13% 13% 13% 

tt 185 2«, 24% 24*, 

1 18% 16% 18%+ % 

7 153 11% 11 11% - % 

61 13% 12% 13% - % 

17 314 33% 33*, 33*4 

13 474 11 10*, 11 + % 

42 341 72% SB 88% -2 
21 100 27% 28% 28% - % 

18 522 8% d 8 8*, - % 

33 346 17% 17% 17% - % 

B 8 

847 10% 10% 0% 

15 549 14% 14% 14% 

39 47 481, 48% 

20 412 23% 221, 22% 

11 8 22*( 22% 22% 

27 804 21% 21% 21%+ % 

9 20039% 38% 39 + % 

11 63 58 57 57% - % 

01657 38% 38% 36% - % 

11 85 17 0% 17 - % 

9 248 15% 15 15 

33 7 3«i 2 34 34 - % 

17 S48 23% 28 23%+ % 

9 668 16% 15% 15% - *, 

19 142 45 44% 4 ft 2 

434963 27% 27 27*,+ % 

534 19, 1S> IS, - % 

ID 147 42% 42 42*, - % I 

7 527 6% 6% 8% 

IS 71 1S% 15 IS*- % 

141188 33% 33*4 333, + U , 
7 23630 3500 3500 -130 ' 

201206 19*0 18% 19% 

21 STB 47. 

c c 

666 24% 23% 23% 

11 423 41% 41 41% 

1345 u4B% 46% 47 +1% 

22 239 17% *6% 17 - % 

12 118 39 38% 38*? 

12 11 SO*, 20 20%+ % 

12 177 S3*, 32% 33*,+ % 
335 21% 21% 21%+ % 

41 80S 13*i 12?, 13*8+ % 
491528 14% 13% 14*, + % 

7852 281, 28% 28*,+ % 
332406 27% 27 27 - % 

0 10 39*4 38% 39%+ % 
17130 11% 10% 11%+ % 

333735 u 32% 32 321;+ % 

35 933 21 19 19% -1 

4567 8 7% 71, + *, 

1810*045*, 44% 45 
IS 1228 16% 15% 15%+ % 

28 227 18 17% 0 + % 

29 98 30% 29*, 30%-*, 
2333 33% 31% 32*, + % 

17 4 51*2 S1% SI*, 

156 1ft, 14 14 

24 185 141, U M%+ % 

11 580 70*, 89% 89%- % 

12 74 8% 7*0 8% 

34 27 65 64*, 64%+ % 

25 653 15 14% 14% - »< 

11 687 28% 28 28*0+ % 


17 4 51*2 S11| 

156 Ml, 14 

24 185 141, U 

11 580 70*4 894 

12 74 8% 7*i 

34 27 65 64Jj 

25 S3 15 14*; 

11 687 28% 28 


11 589 44% 43> b 44% 

122 161 29% 29 29*,-% 

8 496 121* 12% 12% - % 

20 25% 25% 25% + % 

1454 13-0 4% 4 1+0 

IT 23 27% 27*, 27%+ % 
11 8 SB*, 66% 56% 

14 106 30 29*, 29%+ % 

27 SS 22 21% 22 

4Z3 2V, 20% 21 - % 

11 412 IS*, IP, 16% + % 

26 95 36% S7*, 38% + % 

402488 0% 9*, 10 - % 
17 247 241, 24 & 

90 40*, 38 38 -1% 

871 23% 23% 23% 

312 13% IS, 13% - % 

S3 834 16% 15% 18% + % 

411 14% 14% 14% 

12 75 28 25*2 28 + % 

17 364 27% 27 27% 

13 5 25% 24% 24% 

77 298 15% 15% 15% 

SOB 14% 14 14% + % 

71 314 B% 8% ft,- % 
671412 23% 22% 22% - % 
10 221 551, 95% 55%+ % 

IQ 50 37*, 37% 37% 

24 18 64 S3 64 +1 

13 438 31 30% 3ft, 

6 21 19, 1B% 18% 

18 80 1®, 18b 16% - % 

82 10% 9% ft,- % 


Com8vg.06e 

QnpCde 

CmpCn J6 

CmpraL 

CCIC 

CmpPr 

CncpMa 

ConcCm 

Conifer 1.0 

CnCap 2.40a 

CCapS 216 

CnaPapl.80 

CHRaa 

Convgt 

CooprO 

CooprL 

CooreB JO 

CopyM 

Conte 

CoreSt 136 

Coma 

CceBO 

Crttmtc 

CrzEds 

Cronis 

CraeTr 

CrortdS .40 

Croslpl 181 

Cwn8k 

CulInFr JO 

Cullum JO 

Cyprus 

CypSem 

DBA 

ONSvgs .. . 

DNA Pf 

DSC 

DatsySy 

DmnEHo 

DartGp .13 

Detcrd J4 

Du 10 

Oa W cp l 

OaciphnUO 

Daytona 

DebShp JO 

Dekalb 

DeJebm .28 

DepGtyl32 

Derby 

DugPr 

Dinsonc 

Dibrel JB 

Dream 

DigHCm 

Digwh 

DlmeMV 

Dronexa 

DtrGnl JO 

OomBs .72 

Or e60s 

□•extra 

DreyGr 

DunkOn J2 

DuqSys 

Durto 

DurhmcIJS 

Dunrtjn JB 

OurFH .18 

Dynscn 

Dyadic 

EMC Cp 

EMCto .48 

Estn6cs.10e 

EfltnFs 

ElPaa 152 

Elan 

Etocfbo 

EtCath 

EtoNud 

BcRnr 

Eimrte* 

Ehdfm 

EngCnv 

Etfact 

EntPub .0 

ErrvrtJn 

EnvTrt 

EnzBta t 

Equal 

EqtBcs JOb 

Eqt*B® ■« 

CrtcTllOBe 

EvnSut 

Evans -04 

Exovlr 

Explns 

FFBCp.OSa 
FUI .02, 
Ffir+fm-SOe 
FannF 
FaiGpsIJO 
FedGrp 
Bdtcr 10 
FWicn* 
FifthTs 144 
FiagtoB .78 
FhjgtaA JB 
FMtes 
Fingmz 
Finlgan 
FAlafls .76 
FA8kA.40b 
fWFIn 1 
FlATn 1 
FtAmSv.lOe 
FBOhs 1.20 
FGomC 1-20 
FEmp L60 
FExacs 
FEzplE212e 
FExpBT-88 
FfoftG 
fFmic JOa 
FFdtCaJ 
FRTMB.40 
FtFKal J4e 
FftdSC l 
FtFnUg 
FFIBk .72 
FlHawe .90 
RUCpe +4 
FJarN 1-BO 
RKyNa J4 
FMdBs 1 
FNCbail-M 
FPeoFn 
FiSFla JO 
FSecC' 1« 
Rfitfm 
FTerms 1.10 
l%UJCs 68 
RValya .84 
FtWFn .a 
RaFtfl 
RaNFs J4 
FlewSy 
Fonar 

FUeAs 05 
FLioBS .04 
FarAm 36 
FertnF.lOe 
Forums .06 


Stes Kgh law tea Ekag 1 

(K-Asl j 

92 18% 0 18*,- % 

TO 363 19% 18% 19 - % 

W 152 1ft, 12% 12%+ % 

17 448 ft, 6% 5% — % 

W04 7% 7% 7% 

256 4-1 4% 4% 

40 01 ulft, 16*4 16% + % 

54 15% 15% 15% 

17 2*3 «*% «1% 81% - % 

015 15 13% M% + % 

230 fta 9*« S%+ *8 

12 53 56% 67% 5B 

0 266 18% 0 18% — % 
1244 0% 10% 10% - % 

2000115-18 1% 115-0 + % 
63 5515 2% 2% 2%+ *, 

01086 27 26% 26% + % 

2283 18% 13*4 13% -2% 
1810 19 18% J8%- % 

11 469 39*0 3ft, 33% + 1* 

8 2*8 29-32 *■ %-1-32 

104 1515 14% 14% 14% + % 
34 11 7% 7 7% 

149701 8*4 7*a 8% + % 

52388 24 23% 23*3 

000 143 20*4 » 20 - % 

11 1999 18*, 18% 18%+ % 

TO 2ft, 24% 24% 

18 IK 15 M% M%+ % 

11 13 12* a 13 + % 

17 625u28% 27% 27?«+ % 
88 BQ6 25% 24% 24% - % 

462913 It 10% 11 

D D 

17 30 .0% 19*, 1ft, 

5 190 .17% .16*,. 17%+ % 
1625 30 '15*4 15*, 1B% + % 
2F1435 7% 7 7 - *4 

657 11% 11% 11% ~ *4 
388 7% 8% 7 + *4 

14 7 173% 173*2 173*2 ~ *2 

22 193 14% 14% M% 

23 758 10*4 « Ift, 

34 122 32% 32*4 32*4 % 

12 9 54 33% 33% 

11 351 M% 14% 14%- % I 

23 407 38% 37% 88*4 + *4 

968 21*4 20% 21%+ % 

22 10 20% 20*4 20*2 - % I 

9 6 38*4 39*4 3ft, 

11 76 25*, 25% 2S% + % 1 

3< 244 37 36 3B*4 + *4 

35250,33-0 31-16 3% 

10 37 29 28% 2B + % 

29 63u38% 37% 38 

197017 39*4 36% 37% -2% 

Z72 7% 7% 7%+ % 

8 9BB 25*4 **•« 25% + % 
38 70u3ft4 32*2 34 +1% 
512887 11% 11% 11% ~ % 

11 541 21% 21% 21*0+ % 

29 785 30% 29*2 29% — 1 

309 15 14 14% 

0 315 1% 17% 17% - % 

0 760 31% 31% 31% 

22 617 26% 25% 2B% 

16 115 13% 13% 13*4 

11 1 43% 43% 43%+ % 

28 151 M 13% 14 + % 

17 75 IS*, 13% 13%+ % 

12 20 15*4 15 15*4+ % 

t7 733 37% 37% 37% - 

E E 

22 5*4 27 25% £8% 

13 X 11 10% ft 

13 82 25 24 24%- % 

23 34 1ft, 13*4 13*,- % 

8 599 19% &2 1*% 

725136 21% 2W, 2tt» 

14 10 ft, 6% 6%- % 

397 4*, 4 4%- % 

BB IV, 1»% «% - % 

77 146 15% «% 15%+ % 

IT m 8*4 8 8% 

805045 5>, <1 3% 4 -1% 

117 19% *3% 19%+ % 

11 314 1»« 12% 12% 

18 23 IB 17% 17%+ % 

0 296 32*4 31% 32 + % 

1QB5 S3 32*4 32*4- % 

78 883 11% W% W%- % 

1335 3*s 3% 3 

13 124 30>, 29% 29%- % 

15 SB 2ft, 22% 25%+ % 

86 1047 38% 38% 30% + *, 
2B1029 39% 37% 37% -1% 
0 3 IS 13 13 

52 ITS, 17% 17%+ % 

22 5 16% 16*4 *0% 

F F 

14 S19 17% 17 17*, 

4 151 13% 0*0 13*4+ % 

8 202 24% 24% 24% + % 
20 484 0% «% 'S', - % 

« 678 48*, 46 46% + % 

15 46B 4% 4% 4% 

11 291 39% 39*, 39% + % 

22 84% 341, 94%+ % 

12 105 56% 56% 56%+ % 

13 10uB4 82% 63% +1% 

418tl77% TO 77*4 + % 

85 J3S IS*, *3% 13% 

583 ft, 8% 8% . 

1064 20*, 19% 19% - % 

13 01 22% 22% 22%+ % 

12 446 11% 11 11% 

7 105 uTO 66% 68%+ % 

12 291 29% 29% 29% - % 

8 IS 17% 18 + % 1 

11 41 31% 30% 31% + % 

25 25 0% 16% 1B%+ % 

10 2 9, 92*2 9* 

107386 1T», 18* 2 *®, + % 

42 24% 241, 24%+ % 
804 28% 28% 28%+ % 
1919 23 2Z% 22*,+ % 

4 4Z7 27% 27*, 271,- % 

8 58 28% 2ft, 28*,- % 

7 133 25% 25% 25% 

26 124 20% 19% 20%+ % 

12 ZZ3 11*0 11% 11*0+ % 

33 127 3V, 3ft, 31% - % 
12 132 36 3ft, 3ft, — *, 

12 62 28*2 27% 27% - *, 

162225 17% 17 17% 

13 1319 53 52% 52% + % 

12 445 26% a aPi+1% 

13 91 34*b 34% 34% 

13 164 41% 0), 4(l«+ % 

8 83 22 2V, 22 - *4 

30 204 36% 39% 39% + *, 
60 94 25 «%«%-% 

5 24 15% 15% 15*, “ », 

0 277 33*, 33 33 -% 

102580 2S% 27% 28% + % 

12 4 29 29 29 +*b 

6 350 11*a 10*0 11 

383 15% 1S*a 15% 

17 465 22% 21*a 22% + % 

244235 5% 4% 4% - % 

20660 6% ft, 6*,+ % 

44 656 14% 14% 14%-% 

52 264 161, 15% IB - % 

29 170 41 40% 40% — % 

6 479 27*« 26% 26*, + % 

142495 6*, 6*2 &B- % 


Stock Sate High law llto Cfang I 

(Hotel I 

FraeFJ U 302 15% 15 15 + % 

Fromm .60 12 209 20*, 1ft, 20 - *, 

Fitter 9 660 7*i 7 7% 

FulrHB J6 17 20 3ft, 34 34-% 

G G 

owe 1.32 13 73 21% 21 21 + % 

Galacg 626 6% 8 B%+ % 

Galileo 24 194 35 34*{ 35 

Galooba 16 BOB 13% 129, 12?, - % 

Gantts 28 691 22% 21% 22%+ *, 

GatwSa 73 46 26% 26% 26% + % 

GtayMs 118 4% 4>, 4% 

Gemcft TO 10 7% 7% 7% - % 

GeneKS 37757/5 62 Ef*e 60*, -V, 
Ganelin T795u37% 34% 35*, - % 

Genmer.OBB tt 154 11% IV, 11% - *, 
Genzytn 1388 18 1<% 15% - % 

GKwnG JS tt 842 18% IB*, 18% + % 

Godfrys J2 20 466 2V, 24% 24% I 

Goodmk 23 85 1ft, 13% 14% 1 

Gates J4 12 104 28% 28% 2B<,+ % 

GoukJP .78 21 247 TO 19*, 19*, 

Grauco 10 368 9*, 9 ft, 

GrpbSc 1425 ft, 9 ft, 

GCtryB 289 23*4 22% 23*,+ 7, 

GUAM .40 S 290 26*, 26% 28*8 + % 
GWSaV .46 44 11 10% 10% - % 

GrnRItt 28 138 13% 13% 13% - % 

Gtech 32 583 24 23 » + % ' 

GuvNt 17 581 B 7% 7%- % 

GueotS 74 11 10% 11 

H H 

HBO 1085 10 ft, ft, 

HMO 89 6 5*, 6 

HPSC TO 622 13% 12% 13% 

Hobson • 21 448 7% 63, 7% + % 

HamOa . 49 31 17*, -17% 17%+ % 

HanvJn .58 17 19 75% 75 75% “ 

Harleys 32a 5 200 17% 16*, IV,- % 

HarpGe 17 435 18% 17% 18 + % 

HrtJNtsl.20 0 538 29% 29% 2ft, - % 

HMdSSI.60 0 75 62% 61% 62 * % 

Herein 15 675 25% 26*, 25% + % 

HtfhCS 33 386 72 11% 11% 

HItnco 61063 25*2 24% 25%+ 3, 

Hltndyn 397 47, 4% V, + % 

HctigA* .18 2, 753 20% TO 20% + % 

Heektn 12 217 2ft, 25% 25% - % 

Henley 1306 29 2V, 241,+ 1, 

Hiben 1 9 642 25 24% 24% 

HigHSu 10 695 17% 15% *7 - % 

Hogan 4544 U 16% 15% 16%+ *0 

HolmD 1 72 61 23% 23 23 

HmeCty 10 265x23 22*, 22% 

HmFH .46 299u35*s 34% 35% +1 

HmoSLS 6 B» 2ft, 26% 28 +1 

Honind JO 16 93 45% 44% 44% — 1 

HBNJa .10 0 548 29% 23 Z3% + % 

H until .18 26 291 28% 27% 27% 

Hnigto » 37 35% 36% +1 

Hun«&84b 11 194 0 283, 28% - % 

Hyporac 19 80 16% 0 TO - *, 

I I 

NUSe .18 331487 30% 29% 2ft, -1% 
BC 15 889 10% TO*, 10*,- % 

lent 211283 12% 12% 12%+% 

Imatm 8583 V *6 2 15-18 2 15-10 

towns* 969 17*4 «% 1«% + .% 

imreg 8387 u13% 12% 12%+ % 

IndBca 108 11 » 31% 81% 31% + % 

IndIMLIGb 11 186 40% 39% *0 
tohBdc 131 u16% 15% TO - % 

tntoRsa 41 261 25% 24% 34% - % 

Inovexs 40 209 12 11% 12 - % 

bole t 94 3» 11% 11% 11% - % 

totogps I 34 81 10% 10 10% 

tosdr M 329 19% 16% 16% - % 

(ftsmett 506 94 83-18 8316 

lnrg Dv 74 243 14*, 14% IV, + % 

intgGen 15K 13% 12% 13% +r, 

Intel 9975 35% 34% 34% - % 

Weiwt 160 11% 11 11 - % 

totolll 16 270 9% 8*4 8% - % 

I imrtFIr J4 17 48 23*, a 23 

imgpb 04490 24% 23% 24 - % 

table* 3418 10% 10 *0%+ % 

totmoc 25 *48 1ft 8 137 fl - % 

tatmtCa .18 » 446 17% 13% 17% + % 

MCtta alia 12*, 12% 12% - % 

InOairA 23 6 29% 28% 28%+ % 

iGame 2*9 15% W% 14% - % 

UrtKtag 14 W 19% 18 1ft, - % I 

totLsre 21 747 22% 21% 21% - % , 

U1M0M 442 M 13% 13% - % 

bar dti 24 6 16*, 18*, fS% 1 

IntrwsJ 40 3 TO*, 16% 16% - % I 

InvstSL .a 6 398 16% 14 *b 15 

locnesa 161107 5% 5 5% 

towsSos 2 12 13 32% 32% 32% 

Itei 7 SOS 19% 19% 19% 

J J 

Jactens JO 15 94 47% 46% 48% -1 

Jacor 31 7 9, 7 

Jaguar. 16e 123305 9% 9 9V32 + VM 

JeffrGp 7 t» 12% 11% 11%+ % 

Je*Srnk24a 38 30 55 54 54?,- % 

Jertcs .16 18 481 24% 23% 23*, - % 

Joniebi.tSa 30 TO 15% 15% 15% + % 

Jenel A-lSe Si 60 IS*, 14*, 10U + ', 

Juno 23 82 36% 36% 3ft. + % 

Justin .40 12 3 1ft, 15*8 15*8“ % 

K K 

KLA 38 1582 21% 21 21% 

Raman J2 30 104 309, 30*, 30% + % 

Keronr » 890 19% TO 19% + 1% 

Kaoler 53 9% 9 9 

KlySvA .70 24 192 56 54% 5b*j 

Kemps JO 1112*0 39 37% 37% - % 

KyCMJI.10 10x136 54% 54 54%+ % 

Key Tin 71 8% 8% 8% — % 

Ktocaid 17 57 14% 13% 13% 

Kinders .08 21 2684 176, 16*, 17 - % 

Kruger .0 IB 1130 21 20% 20% - % 

KulcM 435 1V| 11% 11%+ *8 

L L 

LSJU 21 83 15*8 15 0% 

LSI Lgs 156 1*72 181, 19, 15% - % 

LTX 338 11% 10% 11 - % 

LaPetas 39 301 19% 19 19*,- *, 

LaZ By 1.60 15 3 79% 79% 79% - 1 

LadFro-Wa 0 «89u22% 22*, + % 

L&KliW a Z* 48 a 241, 24% - % 

LtHTBs M 30 3*6 18», ift, 1ft,- % 

Lancsta J4 45 234 283, 22% 22% 

Lancs 1.08 » 190U4S*; 41% 4ft, + % 

Lane .8b 19 1Q8u65 63% 64* 8 + V, 

Lawsns .28 20 B 2S% 25 2ft, + 3, 

LeaDta 24 621 8% 8*, 8*, - *, 

LesCns 614 7% V, V, + % 

yefcr 16 67 18*y 1ft, 18*,- % 

LinBrd 351460 71% 68*, 6ft, -1% 

LnFlms 20 97 IS*, 1«, 14%“ % 

LizClas ■» TO 2674 60* 2 56'? 59% - >? 

LoneSb 27 1317 ul3% 12*, TO', + % 
LnngF 1.60 16 406 68 67% 67% 

Lulusi 193HW21 VP, 19% “1% 

LaBnth =68 » 8*, ft, *s 

Lypho S3 960 28% 53 28% 

M M 

M8I 2898 4% d 37 S 41, - % 

MCI 25 19601 5% 8% G%+ % 

MSCW 19 56 32 31% 31% 

MTS .a *2 37% 37*, 37% - % 


Stack Sbte High law Lad Ctag 

fftafel 

MackTr 1487 IV, 17 17% 

MadGE2JB 12 Z7 35% 34*, 35*, + % 

MagmP 15S070 15% 15% 15% 

Magnal J8 111542 21*, 21% 2V,+ % 

MaiRt 447 11 10% 10% - % 

Maktta J2e 0 38 37% 38 + *, 

MgtSc; 181397 18% 173, 18% - % 

Martin* .BO 579 20*, 19% 20% + % 

Mti-BNt 1.44 9 294 47 46% 46% - % 

MameCI.48 10 43 44% 43% 44% + % 

Marshts.00 10 44 3ft, 32 32 - % 

MarldNI.30 10 181 48% 481, 48%+ % 

Maacmp 47 395 8*, ft, 8% - <4 

Mecots TO 974 u33t 2 3ft, a 
M awd or 671 V, V, 4 13- 16 + MS 

UntrxS .10 20 82 441, 44 44% - % 

Maxcre 10928SB 14*4 13% 14% 

Mavra 264731 28*, 26% 26*, -2% 

McCrm 1 20 355 48% 48% 48*, - % 

Madatol .48 7 128 20% 1B% 20 - % 

Medar 22 B% ft, ft, 

UedcoC.IQa 72 318 44 43*j 44 

Medfrd 33 19% 18*, <9% 

MedSftp 33 3 3SJ, 35*, 351, 

Medbs 1.04 088 18% 1ft, 1ft,- % 

Ms»orP 1.07« 403 10>, 1ft, 10% 

MMrdgs 26 784 15% 14% 15 - *, 

Mentors 53 2852 20, 20 20 -1% 

MentrG T0 1107 27% 2S% 27 - % 

MerScsl « 9 633 33 32% 33 + % 

MtacBkl.08 13 BO 42T, 41% 4V, + % 

MerBoG 19 S TO 29 29 

Mrehffs .08 12 168 30 2ft, 29% - U 

MaicGn -24 IS 91 22*a 22% 22% + % 

; MrdnBs 1 ID KJ78 24*, 24 24*, + % 

Marer JO 153116 V, ft, 9%- % 

MeryG 18 141 21% 2l», 21% + *, 

MerA.ro 12 38 8 7% 7%- % 

Motifs 8 231 2V, 24T, av, 

Uebmi 2b 115 30*, 30% 30% - % 

MicftKUO 11 61 41% 41% 41% 

Ukom 29 1806 15*, 1ft. 15% - % 

MteiTc 837 73, 6% 9, - % 

Microp 212881 38% 35% 35*, -2*, 

rjticSem 17 3*6 11 10% 10%+ % 

MicraR 3550 86% Bl 627, -3 % 

MdSlFd -TO 10 IB 24% 24% 24% + % 

MhllCp 1.36 10 665 48% 48 4ft, 

MdwAir 44 783 15 14% tt ♦ % 

MiItrHr -44 17 751 24* a 24« a 24% 

Mltlipro JS 301084 42% 41% 41%-% 

Winner 226081 14% 13?, 14 + % 

Minstar 38 716 2ft, 21% 22 - 3, 

MotriCA 70 61 26% 26% 26%+ % 

MobfCS 71 250 2ft, 26 261,+ % 

Madina .75 51 23 31 30% 30% 

Motodr 63 8% 8% ft, — % 

Molex .03 2B 3*5 54 53*, S3*,- % 

UonfCt .909 452 78% 78 78% 4 % 

Mon Ant 263 8% 7% 8 + % 

MonoUt 303103 IV, 14 14% 

Moorf 1-20 605 2ft, 26 2ft, 

MorgnP 23 127 29% 29 2ft, - % 

Morron .48b 20 442 27 25*, 2* +1% 

Moseley 177 4 ft, 3 15-M + 3-16 

Mu/dtt J2 13 642 25 23*? 24% +1 

Muttmh 184 SS% 54% 54% - % 

N N 

NACRE 33 32*4 32*4 32*4 

NEC A fe 116124 83 62*0 62*, -1% 

NBnTax .08 374 9% d 9% 9% + % 

NnCtys 1 JO 10 875 34 33% 33% - % 

NCrrttU 3a 14 5 138 135 135 +5 

NiCpira JO 16 54T 15% 14% *4% - % 

NData J4 23 246 25% 25% 2S%+ % 

NtHlwr 1351 3% S% S% + % 

NtlPzaa 22 5 17% IV, IV,- % 

NtwfcBy 272324 1B% 18% 16*» “ ’a 

NE Bus .48 23 66 24% 23% 23% - % 

NHmBs .48 10 902 28*2 26*, 2ft, + % 

NM1IS8J0B 148 ZB*, 28% 28% 

> iY Mar 15 I52u6l% 80 » 

NwklBb .X 29 201 33 32% 32% - % 

Newpt .00 25170 15% 16% 16% 

NwpPh 694 8% 7*a 8% 

Nine a .40 126457 17% 1ft, 10% - % 
Nobel .40r 221681 16% 1ft, Iftj + % 

Nordstt J5 31 1223 U57% 55% 57 +1% 

NrskBs 827 36*f 38% 58% - % 

NoFKBs .40 13 16 23** 23 » - % 

rtetScp 1.40 13 23 00 59 59% - % 

NectSv 6 7*5 26*, 26 26 

NoTrals .92 73 226 43 48% 49, + % 

NoSdeSv 11 2V, 21 21% + % 

MwNG 1.56 13 320 23% 2ft, 23*, - % 

IwirNLl .86 62554 28% 26% 2ft, - % 

NWPS 240 11 27 35% 34% 343,-1 

Nova Pi* 1089 14*a 14% 14% 

hhiPwtSS 86 21% 21 21%+ % 

NvPwt89 187 9% ft, 9% + *a 

Novell 42 875 44i 2 42 42 - 2% 

NO tell .84 29 XI 55% 54*4 54% - 1% 

Numn. Jfi 15 87 24% 24 24 

ttoMed 341874 V, 8% 6%- *, 

o o 

OU> Cp 57 19155-18 5% 5*0 - % 

OgUGp .64 19 912 36% 36 3ft, + *, 

OtaoCa&I.SS 10 457 45 44 44% + *, 

OhKiM* .80 9 397 24% 24% 24%-*, 

OfcXtep .78 121307 28% 28% 26% + % 

OtdStnsl.56 9 88 29*, 28% 29 + % 

rtOIvSI 4 29 1% t% 1% 

OmiHcm.SS 1173 24i, 24 art, 

OneBcs -32 9 38 21% 20*, 29, 

OptteC 35 468 19*, 1B% 19% + % 

Opdcfi 20 319 ift, 17% 18 

Oracle 70 888 39 38% 3ft, - % 

Orbit 14 191 11 1ft, 10*,+ % 

OshBA .53 28 5K 82 80% 82 + % 

OehkTB JO 11 125 30 29% 29% 

Om-TP 2.92 13 115 47% 46*, 4V, + 1, 

OwmUn.32 17 200 21% 21% 21% - % 

P Q 

PACE 412 7% 7% 7%- *, 

PNC 152 10 407 47% 47% 47%-% 

Par-ar t.608 18 1035 96 55 55% - % 

Paitrst -10 b 7 1081 25*, 24% 24% - % 

Palled 7 15 IP, IP? IP, + % 

fiarftos 3635*9 2ft, 18% 20*, + % 

Partsan 21 *33 28% 27% 2a + % 

PaHet 156 15% IS IP, - % 

PaulHr 23 100 23% 23% 23*,- % 

PayuS 48 184 Z7% 27% 27% - % 

Pavco 36 22 19% 163, 18% - % 

PegG'd 43 2264 15% 14% 15*, 

Penbce .88 14 65 323, 32% 32% + % 

Pernan -53 is 209 3*% 31 3i%- % 

PenBnC 1 33 53% 53*, 53% - 3, 

PeoWjr 901 u27% 29, 271, 1 7*, 

Pereas a 403 14% 14% 14% + % 

Ponfipl .84 S3 12*0 12% 12% + % 

Petr lie J.l2 24 212 32*, 32 32 

Phrmcl 468 9% ft, ftj + % 

Phrmcl.lle 31 752 2* 1 , 23J, 24 - % 

PWWl 70e 122282 24% 24% 24%+ % 

PieSavs =91352 29% 2B* # 28*0- % 

PeCah 48 18 6 24 23ij 23*j - % 

PionOp « 18 32 =9% 28% 28% +1 

PwnHJ 1 04 17 414 35 3*% 34% - % 

Plenum 1.20 12 69 59*j 5d% 58% + % 

pjcyMg 31 551 27 26% 26% - % 

FOMFS.30B 5 140 Ift, 13 13%- % 

1 Ps-rex .109 12 191 36% 35% 36% + % 

J Ported S3 8% 7% 8 

Continued on Page 35 


^ ■ * pi m *=r — * 

j - ..... 


38 


Financial Times Monday ~M arch *6 *987. 


CURRENCIES, MONEY & CAPITAL MARKETS 


FOREIGN EXCHANGES 


Sterling attracts demand ahead of the Budget 


STERLING TOUCHED its highest 
level since last Jul.v nn Its 
exchange rate index last week, 
and briefly rose to $l.fif). the 
strongest against the dollar since 
May 1983. 

This was a reaction to optimism 
about the UK economy, and 
doubts about the direction of 
major currencies, apart from the 
pound. 

The Paris agreement, by the 
leading industrial nations, to 
stabilize the currency market has 
produced a marked reluctance to 
attack the recent lows touched by 
the dollar, for fear of central bank 
intervention. But the market is 
equRtly unhappy to buy the US 


currency- because of the US trade 
defied. ‘ 

The main central banks 
expected to intevene if the dollar 
falls are the Bank of Japan and 
the West German Bundesbank, 
because the yen and D-Mark have 
been the obvious candidates to 
huy at times of dollar weakness. 

But recent statistics have been 
less fhao favourable about the 
Japanese economy and even more 
worrying ahout the West German 
peformance. 

This has tell the market fearful 
of selling the dollar, but reluctant 
to buy it. and equally uncertain 
about huyig the yen and D-Mark. 


Among the Group of Six signs- centred on the rerent success of market or to allow the pound to 


tones to the Paris accord, this 
leaves the French franc: Cana- 
dian dollar and sterling. The 
French franc is tied to the D-Mark, 
through the European Monetary 
System, and French economic 
news has been less than encourag- 
ing lately. 

The Canadian dollar has been 
the subject of speculative 
appreciation since the Group of 
Six meeting. . but he obvious 
beneficiary from the market's 
nervousness about holding dol- 
lars. yen and D Marks is the 
pound. 

Political news in the UK has 


the Alliance, but from the mar- 
ket's view this enhanced hopes of 
Anther period of Conservative 
government, because the popular- 
ity of the Labour Party appeared 
to be on the wane. 

At the same time the economic 
situation in Britain seems to be 
improving and it is expected that 
tomorrow's Budget will underline 
this trend. 

The Budget will decide whether 
bank rates fall by it per cent: 1 
per cent: or possibly not at all. and 
whether sterling holds on to its 
recent gains. The Bank of England 
has been reluctant to hint at any 
cut in base rates to the money 


rise above S1-9Q. 

Apart from the Budget, there 
are several other economic events 
this week. 

Today's February UK retail 
sales will ruse by 2 per cent, accor- 
ding to County NaiWesi. and 
stockbroker James Cape!. A sur- 
vey by Money Market Services sug- 
gests a rise of 1.8 per cent. 

There is some disagreement 
about tomorrow's February Pub- 
lic Sector Borrowing Require- 
ment for Iasi month. County Nat- 
West has forecast a net repayment 
or£200m. hut James Cape I expects 
a borrowing requirement of Clbn. 
Cape! also suggests March's PSBR 


will substantially exceed last 
year, and thai the final figure for 
1986-87 could be £&75hn_ 

February industrial production 
for the UK is expected to rise I.T 
to L5 per cent 

On Thursday February’s bank 
lending is forecast at £2bu to 
d3bn. and sterling M3 is 
expected to rise L3 to 1.5 per cent- 
Sferling MO Is forecast to fell 03 
to D-9 per cent .Unemployment 
may fall by about 15-000 according 
to the forecasters. 

The retail prices index on Fri- 
day is forecast to climb 0.4 to 0.5 
per cent,, and the’ annual rate of 
UK inflation is expected to he 3JJ 
or 4.0 per cent 


£ IN NEW YORK 


EMS EUROPEAN CURRENCY UNIT RATES 


UFFE LOUS SILT FUTURES OPTTOKS UFFE US TREASURY MRP FUTURES OPTIONS UFTE FT-St MO tH8Pt FUTURES BFnoHS 


Mar 13 

Ckrw 

Pnvtaw 

Ckne 

£Spoi 

1575S-15765 

1386515875 


057-056 P« 

061-OX pm 


135152 pw 

137 134 pm 

12 monte 

4.43455 P® 

4.47-437 pm 


Foreran? prwnriumr wri dkcouak rasp t| » Ita 
U 0. dollar. 



Ecv 

central 

rates 

Currency 
amounts 
against Ecu 
March 13 

% ctwnte 
htxn 
emtrat 
rate 

ft chan?* 
adJustrU lor 
tfttefuenee 

DktlSMW 
limit % 


42.4582 

42.9792 

+ L23 

+0.87 

1 15344 


7 85212 

7.80941 

-054 




2.05853 

2.07572 

+004 

+0.48 

+ L0981 


690403 

6.90711 

+0.04 

-032 

* 13674 


231943 

2.34450 

+1.08 

+072 

i 1.5012 


0.768411 

0.777138 

+1.14 

+0.78 

* 1.6684 

Italian ura — 

148358 

1475.01 

-058 

-0.58 

*40752 


Strike 

Price 

112 

114 

lib 

ua 

m 

122 

124 

12b 


Call*- Law 
Jane Sept 
10.47 1054 

8-53 407 

7.05 7J2 

5 IB 602 

320 4.47 

237 3.40 

1.41 2.45 

ua u>i 


0.05 

031 

027 

0.40 

143 

134 

243 

4.23 


Sept 
024 
0 41 
102 
136 
237 
3.10 
435 
531 


Estimated wfamt MX, Ca* «98 Pats 454 
P nw w Peri open in£ Cafh 15,355 Puts 9,251 


Strike 

Price 

92 

94 

9b 

98 

100 

102 

104 

106 


Cate 


8.40 

6.42 

4.49 

3.05 

1.47 

053 

021 

0-07 


Sept 

755 

630 

4.41 

322 

239 

132 

059 

035 


PMV-Ias 
Jane SeW 
000 039 

0.02 038 

009 105 

029 L50 

107 247 

233 350 

3.45 523 

531 663 


Strike 

Price 

19000 

19250 

19500 

19750 

20000 

202SQ 

2D500 

20750 


Cate- Law 
Upc ft Apr3 

1008 1450 

702 1198 

5.77 1005 

401 820 

260 660 
157 S35 

007 3.95 

0.45 300 


Puts— Law 
Itott April 
038 005 

042 12B 

007 105 

161 250 

2.70 3.40 

437 4.45 

5.97 5.75 

80S 730 


Esimatfd eohtrae total, Cnte40PB<s«0 
Pierian dsri ok* lot: Cate 290 Rite 231 


EsbMted wfanae mat, CdH 4, Puts 20 
Pterions day's W W. Cate Til Pote 597 


STERLING INDEX 



Mar. 13 

Previous 

830 

am 

71.6 

72.7 

9.00 


71.6 

72.7 

10.00 


71.9 

720 

1100 

am 

71.7 

725 



71.8 

723 

LOO 


71.7 

723 

2.00 


710 

724 

3.00 


71.7 

72.1 

4.00 

pm 

710 

723 


Chanqes are for Ecu, therefore positive Change denotes a weak airrency. 
AdtuMmrat calculated hr Financial Timet. 


uffe as options 

£25000 (MOM per El) 


LOMDtUt SC OS OPTIONS 
02000 (oats per O) 


Sato 


Cate-Last 


EXCHANGE CROSS RATES 


CURRENCY MOVEMENTS 



■ f*ri 


March 13 

England 

Index 

Gwrany 

Chwste ft 


716 

-220 

U.S Ooflar 

104.1 

-34 

CanatSaa DoUar 

792 

-95 

Austrian SailUnt) .... 

1370 

+303 

Betoax Franc 

1000 

-43 


92.9 

+3.7 

OtrtKNMirk 

146.7 

+as 


170.7 

+Z12 

Guilder 

1342 

+142 

French Franc 

481 

-16.7 

Yea „ 

2110 

+573 


Mar. 13 

£ 

s 

DM 

YEN 

F Fr. 

S Fr. 

H FI. 

Ura 

C S 

B Fr. 

£ 


3575 

2918 

2403 

9.735 

2-448 

3.295 

2074. 

2.081 

60.40 

S 

0 635 

1. 

LB53 

1526 

6068 

1554 

2093 I 

1317, 

1321 

3835 

DM ^ 

0343 

0540 

L 

8235 

3330 

0039 

1.129 ! 

710.9 

0.713 

20.70 

YEN | 

4362 

6556 

1234 

1000. 

40.44 

10 J 9 

13.71 | 

8633. 

8062 

251.4 

t fr. 1 

1029 

1021 

3003 

247 3 

10 

2519 

3592 

2135. 

ISSl 

6217 

S Fr. 

0009 

0044 

1.192 

9836 

3.969 

L. 

1346 i 

847-4 


2408 

H FL ' 


0.478 

0085 

72.91 

ill 

0.743 

1. 

629.4 

0032 

1833 

Ura | 


0.759 

L407 

1150 

tLJ 

1380 

1589 1 

1000. 

1003 

2932 

C S 1 


0757 





1583 1 

9966 


2902 

B Fr | 

E3 

2.606 





5.455 | 

3434. , 


joq 


130 

155 

1.40 

1.45 

150 

155 

1.60 


2755 

2255 

1755 

1255 

755 

255 

000 


1755 

1255 

755 

325 

0.91 


- 2755 

- 2255 
1755 1755 
1255 1255 

755 760 

308 *59 

165 222 


Jar* Mar. Apr. Mar 


0.00 

000 

000 

000 

000 

000 

2.45 


000 

001 

037 

134 

302 


002 

037 

0.76 

227 

504 


000 

002 

033 

0.48 

1.40 

339 

602 


Strike 


Calls- Last 



Pats- La* 


Price 

Mm. 

April 

May. 

June 

Mar. 

April 

May 

toe 

135 

2300 



13-90 

025 

— 

— 

000 

140 

17.90 

17.90 

17.90 

1700 

02S 

025 

030 

045 

1.45 

12.90 

1290 

1290 

1290 

025 

030 

060 

000 

150 

705 

790 

800 

8.10 

038 

040 

0.90 

130 

155 

2.90 

300 

400 

450 

030 

120 

220 

290 

100 

030 

100 

1.70 

250 

250 

170 

405 

570 

105 

150 


— 

1.90 

2020 

— 

- 

ZL40 


Estimated «okune total. Calls 96. Pats 106 
Previous days open hn. Cans 850, Pair 2.004 


Prevtais day's open fen: Cads 1091 Puts 482 
Volume: 136 


PHILADELPHIA SC OS 8VTMJKS 
02000 (cants per O) 


UFFE— EURODOLLAR OPTIONS 


Strike 


Yen per 1,000: French Fr per 10: lira per 1,000: Belgian Fr per 100. 


1.400 

1.450 

1.475 

1500 

2525 

1550 

2575 


1700 

1200 

1150 

70S 

4.70 

200 


Cate -Last 
Apr. Mar toe 
17.00 - 1700 

1400 9.95 1200 

950 — 450 

7 3D 730 750 

4.70 530 530 

205 330 300 

105 205 200 


EURO-CURRENCY INTEREST RATES 


P i retori days coen Me Cate 73,956, Pats(fi,688 
Previous day's wteme. Cate 2025 Pan 679 


Pots -Lett 
tar. Apr. May 

- 005 — 

- 005 030 

- 005 035 

- 0.15 065 

- 035 0.95 

- 005 180 

005 185 300 


Jane 

005 

035 

065 

0.90 

1.70 

260 

3.90 


Strike 

Price 

Mar. 

Catts-Last 
Jaw Sent. 

See. 

Mar. 

Plfis- 

toe 

Last 

Sept 

Dec. 

9300 

054 

002 

0.70 

-v— 

000 

002 

009 

— 

9325 

029 

0.40 

051 

— 

000 

005 

0-15 



9350 

005 

022 

035 

— 

001 

032 

024 


93-75 

000 

ala 

022 


021 

025 

036 

■v- 

94.00 

000 

003 

013 

-- 

046 

0.43 

052 



9425 

000 

001 

006 

— 

0.71 

006 

0.70 

— 

9450 

0.00 

000 

003 

. — 

0.96 

090 

0.92 

— 


Previous day's open mt: Cate 2005, Puts 2528 
Sstima tcri «W. Cate 25 , Par* 50 


Morqan Guaranis changes- average |4P0 
JWJ-140. Ban* of FnalanO Indr* iBw ateraa* 
1074- IIKJ). 


CURRENCY RATES 


Mar. 13 

Bart 

rate 

% 

Special 

Drawing 

Rights 

Ewnpran 

Currency 

IMI 

Sterling 

_ 

0798871 

0.711225 

U.S. Dollar ... . 

5.5 

1.2601 

1.11947 

CaatanS 

754 

* 

148016 

Austrian Sdi. .. 

4 

164173 

145889 

Belgian Franc . 

8 

48.4115 

429792 

Oatteh Krone _ 

7 

0 79900 

780941 

Dentsdu Mark 

30 

WA 

207572 

Meth Guilder . 

4b 

204046 

234450 

French Franc. . 

9b 

7 78150 

6.90711 

Italian Lira 

12 

UIA 

1475.01 

Japamre Yen . 

Zb 

193331 

171335 

Norway Krone 

a 

8.77884 

780661 

Spanish Peseta. 



163093 

145531 

Swedish Krana 

7b 

834566 

724296 

Swiss Franc. - 

95 

1.95876 

174021 

Greek Dradi. - 

20b 

N/A 

151,923 

Irish Punt 

— 

0 874738 

0.777132 


Mar. 13 

Start 

term 

7 Days' 
eotree 




One 

Year 

Sieriteg— — • ■ 

Wb-Ub 

XtPrVn 

lOb-lOb 

9V10 

9ft-9li 

9b-9b 

U.S. Dollar 

5U0.V 

6V6b 

{’We 

6A-6A 

6A-6A 

6V0% 

Can. Dollar 

61 

feb-w. 

MS4» 

837,*. 

7-7*. 

TV 7*2 

0. Guilder 

5b-5b 

5b 5b 

5V5«, 

5V5'a 

3A-3.S 

5A-5A 

Sw. Frane 

VI 

Vlb 

4 A -4 & 

44.-4 A 

33-4A 

311 -4 A 

Dnitsctanarir 

3S1-3S1 

3B-4,*. 

311 -4 A 

3U-4A 

33-4 A 

4A-4A 

Fr. Franc — 

7V70 

711-711 

7 ',1-7 ‘J 

7V8 

Mb 

8V8V 

Italian lire 

910 

9V-10V 


9V10 

9V10b 

9V10b 

B.Fr.tFwJ 

7«r 7k 

7H7S 

7\-7H 

7V7b 

7V7S 

7V7b 

B. Fr. CCortJ 

6b 7b 

77b 

7-7*2 

7V7b 

Tb-7% 

7V7S 

Yen 

4J.-«b 

4 A -4*4 


4b-4A 

4A-4b 

4 A 9b 

D. Krcwe 

10011b 

IDVllb 

101,-11*4 

lOVUb 

lOb-llb 

lOVllb 

AUanSISlngJ . 

1V2 

N/A 

3A-3A 

3A-3A 

V.-3A 

3V3b 


LONDON 


CHICAGO 


20-YEAR 12% NOTIONAL GILT 

£50000 32adi at 100% 


110. TREASURY BONDS (COT) 0% 

$108000 32Mb af 100% 


JAPANESE YEN (tUM) 

Y225OT 0 per Y200 



Low 

Prey. 



High 

Lo* 

Pm. 

March 122-11 122-10 

123.-31 

122-04 


101-27 

102-00 

101-21 

101-16 

June 122-21 122-27 

121-30 

122-13 

Jm 

100-24 

10029 

100-18 

100-13 

' 'M, : i ■ 7+'r‘i 



12207 

Sect. 

99-25 

99-30 

9919 

9914 

Dec. 122 22 - 

— 

122-14 


9827 

9900 

98-23 

98-17 

Estimated wtate 26595 (34,411) 



97-31 

97-31 

97-31 

97-21 

Previous day's open ML 19304 (18,745) 

June 

9704 

97-07 

97-01 

9627 




Sept 

96-10 

96-13 

9608 

9602 

10% NOTIONAL SHOUT GILT 



95-18 

95-22 

95-16 

95-10 

£300000 Mrs of 100% 




9428 



9420 

Orae Hto 


Prfm. 

Jure 


— 

— 

— ■ 

Mato Id-47 - 


101-59 

Sera. 

9322 

— 

— 

93-14 


Mar. 


Sew. 


06572 

06608 

06645 


UK P 
06573 
06U0 
06635 


Low 

06532 

06568 

06612 


Prey. 

06514 

00551 

06689 


EjUmMrd Voftime 0 10) 

Prestons days open hn. 64 IM) 


Long-term Eurodollars: Tm years 6L-7 per cent: three years 7-7\t per cent; bar years 7 V7** 
per cent; flte years 7^71 percent nominal. Short-term rates are call lor US Dollars and J a pa nese 
Yen; others, two days' notice. 


THREE-MONTH STERLING 
£509000 points *7 100% 


ULS. TREASURY BILLS (IMM) 
Cm prints ef 100% 


POUND SPOT-FORWARD AGAINST THE POUND 


*CSfSDR me tor Mar. 12; 166525 


OTHER CURRENCIES 


Mar. 13 


Argentina 

Australia 

Brari _ 

Finland 

Greece 

Hon? Kong ... 

Iran — . 

Korea ISib) . 

Kuwait 

LuteutwV 
Malaysia .. „ 
N. Zealand .. 
Saudi Ar. „ 
Singapore ... 
S Af. (Cm) _ 
S. Af.tFn) _ 

Taiwan.... 

U66. 


24195-2 4310 
23320-23360 
31 9590-32.1385 
7.1445-73650 
21120-215.05 
122950-123170 
11600* 
134930-1361.75 
0 43720-0.43780 
6035-60.45 
3-9840-3.9940 
2320728300 
5.9155-5 9Z1D 
33770-33860 
32945 33170 
5.4865-56835 
54.90-55.15 
5.7935-5.7985 


15350-15410 

14820-1.4840 

302720-203730 

45400-4.5420 

13435-13630 

70010-70030 

7250* 

850.70-857.70 
027720027740 
383038-40 
25280-2 5300 
L 7890 10020 
3.7500-37510 
21 430-2.1450 
20900-20940 
3.4785-36035 
346034.70 
3672036735 


Mar. 13 

Oars 

spread 

Date 

One month 

ft 

M. 

Three 

months 

ft 

PJ*- 

US 

15725-1.5815 

15745-15755 

058-055 c pm 

450 

156151 pm 

359 

Canada 

20754-2.0844 

2080520815 

0.69000 c pm 

3.71 

155-1.40 pra 

203 

Neth'l4flds_ 

32933014 

329350 

IV lb * l* 

657 

4V3*f» 

406 

Betwuw 

60230005 

603500.45 

2056 c pm 

358 

42-36 pm 

258 

Oenmark 

10.961103b 

10971.-10.98W 

pwr We dB 

-014 

b-H efis 

-0 09 

Ireland 

L0900- 12120 

10940-1.0950 

025-0 -40 p dls 

-356 

0.70-100 dls 

-3.11 

W. Germany . 

Z91V-2.92V 

2.91W-2.9ZW 

1V1S P* pm 

720 

4b-4bpm 

600 

Portugal 

22329-22455 

22320-22420 

43-254 c Ota 

-S28 

229346 dh 

-5J4 

Soahi 

20452-205.46 

20450-20450 

55-79 c dh 

-3-93 

176220 As 

-307 

llaly 

206912-20821) 

2073b^074b 

3-Ulire dh 

106 

Sport dh 

0J09 

Mu ira~ra 

ia93b-li01 

1096*2-30.97*2 

W-bwY^ 

-0.41 

lib* 

-0.41 

France — __ 

9092-9 75 

9.71-9.72 

2b2cpm 

2.78 

64b pm 

1.90 

Sweden — 

10141,-1002 

10.17VI0J8W 

par-wore <0% 

-025 

b-b* 

—030 

Japan 

239241 

239V240W 

IV lb y pm 

-0.15 

b-b pm 

562 

Austria 

20.492057 

20.49-2052 

12VU 9**> ran 

604 

2&b-26 pm 

509 

Swiimiand .. 

2441) -2 45b 

2.44W-Z45W 

lb-lb c pm 

6.74 

3V3*P» 

5.72 



Ctwe 

Hfcpi 

Low 

Pre*. 

Mwdl 

9014 

9015 

9008 

9008 

Jure 

90.72 

90.73 

9000 

9008 


90.91 

90 90 

90.79 

9006 

Dec. 

90.91 

9007 

9002 

9005 

March 

90J4 

90.70 

90.70 

90.70 

June 

9055 

— 

— 

9053 



Close 

HI* 

Low 

Wty. 

toe 

94»9 

9454 

94.40 

9459 

Sept. 

9453 

9457 

94.45 

94.44 

Dec. 

9450 

9453 

94.49 

94.41 

Mar. 

94.42 

94.42 

94.41 

9452 


Estimated Volume 6223 15099) 

Previous days open M. 25064 (25094) 


SWISS FRANC (IMM) 
SFrl250OO S per Stir 


FT-SE 100 INDEX 


Mar. 


Mradt 


Close Hi* Low 
199.90 20060 19950 
20320 204.05 30320 
Estimated volume 905 (1295) 

Previous day's open ML 4,954 (4.961) 


19865 

20200 


Sera. 


Oese 

06443 

06479 

06517 


High 

06453 

06490 

00527 


Lew 

064Z7 

04462 

06509 


Fin. 

06411 

06445 

06483 


DEUTSCHE MASK (IMM) 
DMlXStOM S per DM 





High 

Urn 

Prer. 

Mar. 

05402 

05006 

05387 

05368 

Jute 

05437 

05441 

05421 

05403 

Sera. 

05469 

05470 

05453 

05434 

TMtEXatONTH EUMSOLLAR OMM) 
SI m polirts of 100% 




High 

low 

Prey. 

Mar. 

9353 

9356 

9350 

9351 

June 

9358 

9302 

9350 

9353 

sera- 

9359 

9301 

9352 

9*53 

Dec 

9352 

9354 

93.44 

93.45 

Mar. 

9359 

9340 

9336 

9331 

toe 

9322 

9303 

9312 

9313 

Sept. 

9301 

9301 

92.97 

9292 

Dec. 

9229 

9200 

92.75 

9270 

STAHOAM « POORS 500 JV9EX 
$500 Haws index 



Latest 

ffigtr 

Low 

Prey. 

Mar. 

28950 

292-70 

28930 

29005 

June 

29120 

29355 

29105 

29265 

Sept. 

29250 

29505 

29250 

29410 

Dec. 

29300 

29650 

300-29 

295.40 


LONDON RECENT ISSUES 


EQUITIES 


i»f 

Price 


lAmdUH 
Ptid 


an 

*215 

II 

125 

105 

5110 

flSS 

fro 

f250 

ft 

5U5 


#100 

#120 

#« 


210 


#90 

#135 


n» 

so 

#144 


F.P. 

F.P. 

F.P. 

65 

F.P. 

F.P. 

F-P- 

F.P. 

F.P. 

F.P. 

F.P. 

F.P. 

F.P. 

f JP. 

FJ>. 

FJ« 

f.P. 

F.P. 

F.P. 

FJ». 

F.P 

F.P." 

FJ>. 

F.P. 

FJ». 


Dale 


3on 


3» 

27)3 

an 


270 


1W4 


260 

10M 


m 


3tt 


znt 


1W87 

Msb 

Low 

87 

65 

353 

272 

63 

37 

127 

104 

164 

127 

133 

123 

136 

133 

92 

80 

25 

315 

130 

320 

14b 

135 

135 

JOB 

109 

101 

154 

127 

102 

97 

40 

27. 

252 

120 

230 

238 

108 

97 

ua 

97 

177 

148 

8*3 

220 

183 

148 

141 

137b 

142 

J7D 


Sock 


MtncoiRnilp- 
Bartnar Index 
•SEortierTV »— 

Brush Airways 
Capita) Radio lOp . 
WefotraplOp 


{Fri-wart Group 5p 
MrwewlOp — 
MobratpPBbMdngfe - 
tlnse Storage*) 01 
#jSB£3«tricaf20p„ 
*Mh*i5p 


ParRas Freod) Uw. TstJ 
fPXmLelw’tCnpttty 
RCOXOp 


♦Regina Health 2p 
JSanden&SWneySP-- 
Scantflnarfw 8k. UiwtS - 
ScoL Ins. T«- iVtmurtT 
SifldaSrGtWteWftlllp- 
■fTborntW IC.WJ- 5*| 

wrccniw 


VUctog P»*»9lnB I0P 
WIlBNi Bowdtn Up — 

fWoodUJU&CtUfe. 


G4M 

Pike 


353 

3*z 

125b 

163 

131 

135 
92 

355 

120 

136 

135 

UK 
133 ’ 
101 
40 
142 
250 
107 
99 
172- 
343 
176 
241 
183 


+1 


+1 


♦3.. 


+5 


610 

-2 

+3 


ML 

Oh. 

— 

ttae 

crab 

b«| 

PM. 

SbSo 

105 

S4.0 

60 

M 

L6 

227 

)B2i 

32 

S.9 

140- 

. R6X 

7 A 

40 

105 

wia 

10 

45 

17J 

M5 

2J> 

4Ji 

124 

U22 

92 

23 

184 

97.7 

21 

44 

165 


2 2 

7.4 

265 





12.9 

28 

30 

165 

R2£ 

3.7 

21 

123 

_ p. 

_ 

-to 

*— 

R12& 

22S 

29 

14.4 

13.91 

2.1 

55 

124 

02S 

4J 

U> 

34.4 

(HL26 

20 

4Z 

165 

o&O 

25 

45 

105 


’warn 

'te— 

— 

R22 

27 

3 2 

165 

13.7S 

300 

34- 

122 

♦•140 

.to- 

84 

-w - 

«U 

30 

28 

170 

43.4 

3J) 

3A 

130 

R25 

30 

29 

205 


u 


FIXED INTEREST STOCKS 


bM 

Amount 

latest 

198687 


PM 




£ 

■ ep ■ 

Owe 

High 

Low 

fi 

■0 

24H 

12pm 

Upst 

R 



S8» 

L3bP 

<100 


W 

SSb 

100b 

.a 


FJ>. 


100 

100 

#98019 

m 


20 

20 

#97077 

F.P. 


lBb 

100b 


Stock 


U-b Sly Slf Esaaw 7% Cm. Ih* .U. 2005(06 
' HUwtfc6%cn».R«.Prt.£l 


M&SH0E WMarllte Red M 3012-16 

Nationwide 10B%Bds.l5ra8B-- 

80 . . lfflj%6te.WB8 


ill «y of Lao-Tst ItNTfr 0U U» • 

TRTnnmCaml0>i% 0*3016- 


Qorieg 
Price 
£ - 


12pm. 

-M" 

55*7 
UOH 
-MO 
- 20 
lOj 


■m 


“RIGHTS” OFFERS 


tone 

Price 


pa 

29867 . 


Bating- 

Price 

‘ P ' 

; + at ; 

ora. j 

n 

C3 


50 

170 

32 

HU 

NU 

NB 

3M | 


n 


18pm 

83P* 

9 |w • 

+3 

.+i' 

«ttej4p : — - — - — - 


uwalt yh w t day for deaBitfl fret Of Stamp 
ted Dividend nn paid arphphltm-f 


dMy.^ Annoafl5ed<te**md-6 Homest 


caokaL p Assumed dMdend and yMtL 6 AbmI 
band on pmpetito or other official estimate to 
otter gffldd^nw for 1987. L Estimated aawateed i flvkto d. 
R Forecast amwrilseddWdend, cover aori pit radio based* 


r parable on-part of twpHaL'eerar based on.dMdert on M 
ed dWdnd^ and yield after scrip tome. F OWdwdtodyWd 
for 1986V. n DMend and YleU bawd oa'pn^eon k 


fl- 


✓ 

V 


!P : 

0 


c 


s 



W Pro Forma Figure t mdtattd q*hn*( a*r ntam to pwriora ttodeal; pterafcl 
aniMatewtriaas.il Foiecast, or ostimaMdBnnbaR9addbidendi»lCrCoaeemnrf.flapreHtaKjMyte .. . 

pfctoteDsattoL# ptadtngprica.## Retaradacedin bMd la ewmectlon wHh leorgartsadou owtger or 

woeWes MMK. tr Official Uwto M« # ****** 
warrants otdUlenxDL . - ’ ' 




Have you got a few . 

words to say 

to your Bank Manager? 


RATHER SURPRISINGLY QUITE A F£W BANK MANAGERS 
HAVE MORE THAN A FEW WORDS TO SAY TO THEIR BANK - 
MANAGERS ALSO! : V’. 

tn banking iteqon 11 is cafled COR RESPONDENT BANKING' and UwpeflitewHo sHMI 
are politely call'd ** Bank CaClidq 0 inters." Newrllwleu iltey ansa^iin'anri UMr 
ioh is to sell the services and facilities of tfteir own bank (o oHter banks, - 

As rrilft any canstunpr. Industrial or comnereial product, awerreriess of IlietorpornOwi ’ 
hebtnritlieprotlticL and UMisana^f nreit, icaiiewmial btoredient ittJefllngCoiilaclS'- 
arKi loyal ties built up over many yean can dissolve rapWlywhjcn I* why aduerlislnpln * 
THE BANKER reqularly htfprrtrj And influence-; tfie MeraatioiMl.lMftiitfn cortinuriity 
far beyond The capacity ofyblrpenoaalcalhnoproqraBvur. - L 
Over 70,000 waders in 1 30 countries reaid T H.E BANKER ■ ■ 

•adi month. - 


Say a few wonh 10 them regntarty Uwouph the paqn ot the lounia) they read, respeti 1 
and rely upon lor oamUal maflaoenMnl infoniMliPN. - ‘ 


& 

& 

P* 


A? 


tS* 

% 

% 

do 

jjr it 
Sect 
txb 

4 CEC 

bee 

50 C 
Es5s 
bflflp 

icK 
ebS ■ 
icfft 
E* 
ttoa 
teak) 
kc. i 


* b 


THREE-wmTH EURODOLLAR 

a* pateU ef 100% 




Wgh 

Low 

Pre*. 



;. . • • 


March 

9354 

9305 

9350 

9351 

1 


, - ' 



9300 

93 62 

9351 

9357 



_ - 


Sera- 

9302 

9301 

9353 

9357 





Dec 

9354 

9354 

93.45 

43.49 



. • ■*- ' m *■ • 

• - 


BetBfap rale Is for UJ — n l lCl r francs. Financial franc 6060-60. 70. Sir month forwwri dollar 2.54-249 c pnt 


Esttaated rotate 5028 16,032) 

P i erian d*y» open biL 27,434 (27,025) 


12-moHh 4654.45 c pa. 


tLS. TREASURY BOROS 8% 
SUBJ08B 32nd» ot 100% 


DOLLAR SPOT— FORWARD AGAINST THE DOUM 


Mait* 


•SeiUnq rate. 


FORWARD RATES 
AGAINST STERLING 



sp« 

1 

3 

6 

12 


mtb 

mlhs 

IMM 

nths 

US Dollar 

15750 

156M 

15617 

15499 

15300 

Orurr 

29175 

28999 

207*0 

20368 

27691 

Frrech Fr 

97150 

96923 

96M5 

96352 

9590) 

Swra Fr 

24475 

E4J34 

Z41J0 

23790 

23195 

Yeo 

24025 

238.98 

23609 

233.79 

22811 


Mar. 13 

Day's 

spread 

Close 

One month 

ft 

P0- 

Ttir«« 

monc/s 

ft 

6a. 

0X7 

1-5725-15815 

1574515755 

05B-O55c pnt 

4J0 

136131pm 

359 

Irettot 

10370-1.4425 

243851.4395 

1.050.98c pm 

858 

2-50-235 pm 

6.74 

Canada 

1 5185-13232 

13205L3215 

0050.08c dh 

-059 

035050 its 

-053 

Netherlands . 

20880-20000 

2092520935 

Q-23-0J Be pm 

1.17 

057052pm 

104 

Briqto 

38.30-38-48 

3830-38.40 

He* 

-0.78 

7-9 dK 

003 

Dwtmjr* 

6963,-6991, 

697-697*2 

2753.45ore do 

-553 

750-620 dk 

-450 

W Germany . 

1048O-1-B59O 

1052510535 

0.470.44^ pm 

294 

151-216 pm 

256 

Portugal 

142t4-142b 

142b-14Z*2 

60- 130c is 

-807 

270-340 db 

-859 

Spain 

129.75-13006 

13005130.15 

95-105C dri 

—423 

240070 db 

-7.84 

Italy — 

1314-1320*2 

1316b-1317b 

3b-9li*« (fa 

-3.42 

10-12 da 

-354 

Norway 

695**-6.98 

6W,09W. 

4.7O-S0Oore t8s 

-853 

15.20-135001 

-707 

France 

615*2-6 18», 

6.16b-637*4 

0.72002c dls 

-150 

2252.45 db 

-152 

Sweden 

645*2-6 47t» 

6.46b-6.46\ 

2053J5ore dh 

-S54 

690-750 dK 

-459 

Jaw* 

15235153.40 

1525515265 

0-28-0-24f f*n 

203 

007002 pm 

22 0 

Austria 

1300-1306 

13.01-1301*2 

30O-2.5Oqro pm 

253 

650-550 pm 

104 

Switzerland _ 

15490-15600 

15530-15540 

036032c pm 

203 

0.91006 pm 

2-28 


HI* 

101-28 

100-23 


Low 

101-28 

loom 


dose 
MM 6 
100-20 

Sept. 99-18 - - 

Estimated VoMme 4074 0641) 
Pierian) day's open kit. 3,117 0080) 

CURRENCY FUTURES 


101-16 

100-12 

99-10 


P9UNO— 8 (FOREIGN EXCHANGE) 


Spot 

15750 


1-rnlh. 

15694 


3-Wfc 

15617 


6-mtti. 

15499 


12-mth. 

15300 


IMM— STERLING Si per £ 


Jaw 

Sept 


Close 

15745 

15bl0 

15500 


Hi* 

15800 

15650 

15550 


Low 

15710 

15580 

15460 


15880 

15750 

15640 


UFFE— STERLING 125008 5 per £ 


t UK andlretaod are ipMted la US currency. Forward prentans an) dheounts apply lo the US «Wi» and not 
n the ImMdaal cwrency. Bripian rare is lor coiwertWe Iraocs. Financial fane 3845-38.55. 


Close Ht* 

Itoch 15753 15780 

June 15620 15662 

Sepl 15505 - - 

Estimated rotome 25 (3891 
ftertoitj day's open M 1076 0148) 


Low 

15780 

15610 


tor 

15860 

15730 

15617 


MONEY MARKETS 


Waiting for another rate signal 


l-ONDON'S FINANCIAL markets 
adopted an uncertain attitude at 
the end of last week. Interbank 
rates discounted a cut of at least 
Va per cent to 10 per cent in hank 
base rates, hut dealers were not 
sure whether tomorrow's Budget 
would herald a reduction of 1 per 
cent. 

It was almost possible (n forget 
that it was only last Monday when 
the Bank of F.ngiand sanctioned a 
cut of L* per cent tn |0*>6 per cent 


UK clearing bank base 
lending rate 1044 per 
cent since March 10 


in base rates, by cutting its money 
market intervention rates. 

This came as a surprise, after 
the authorities had made it clear 
in recent market operations that a 
reduction in interest rates was not 
welcome. 


The market expected the Chan- 
cellor to retain the option of 
deciding the level of base rate 
cuts tomorrow, but the strength of 
sterling became an overriding 
factor. 

As the pound rose to its highest 
for eight months in terms of major 
currencies and for nearly four 
years against the dollar the Bank 
of England endorsed lower base 
rates last Monday. 

Discount houses remained 


reluctant to sell longer dated bills 
to the Bank of England however, 
and the band 3 and 4 levels may 
have been tested, but not dealt at 
Very large credit shortages on 
Thursday and Friday were mainly 
absorbed by bill repurchase 
agreements, at attractive rates of 
around 104 cent, but for fairly 

long periods, running to the end of 
the month and into April, giving 
the market no hint that base rates 
will be cut again this week. 


FT LONDON INTERBANK FIXING 


MONEY RATES 


<11.00 a.m. Mar. 13) 3 months U.S. dMUrt 1 

6 months U0. doBars 

ta) 6 b l offer 6b 

bid 6 b i offer 6 b 


Ttw firing rat^s an the arithmetic means, rounded to Uw nearest one-sixteenth, of the bM and 
offered rates for BlOm Rioted the mpitof lo fhw reference tanta at 11-00 ajn. each woridns day. 
The banks are National Westminster Bank, Bank of Tokyo, Deooche Bank. Bansue Nattoiale de 
Park and Morgan Guaranty Trust 


BANK OF ENGLAND TREASURY BILL TENDER 


NEW YORK 

(4pm) 



Treesuiy ante and Bonds 


7b 

TYTb 

Two mart# 

546 

Fdarjew _ 

— 669 



— 5.78 

FW* year — 

— *.77 






Fed to* ai wfomrata 

6 

Two year — _ 

- 640 

30 yw — 

— 700 



Ura. U 

Mar 6 


Uw. 13 

Mb. 6 

Bllh on offer 

£Z0Om 
1507 5m 

£100«t 

£799m 

Top accratid rate QfdteoMt _ 
Average raie of disewwt 

95657ft 

90935ft 

951ft 

94665% 

94665% 

9.91% 



£97.665 

100% 

£9709 

100ft 

AnwaM on offer Boext tender . 

£100m 

11 00m 

AHetmem at mMowi lewd 


WEEKLY CHANGE IN WORLD INTEREST RATES 


LONDON 

Mxr. 13 

change 


Mar. 13 

change 


10*2 

11 

A, 

JSS 



7b 

6 

5.78 

504 

620 


7 day imeritar* ... 

3-mowh Interbank 

Treasury Bill Tender 

Band 1 BHh ... 

JL 

Until’d 

[Inch'd 

Federal Frank 

3 Mth. Traaswry BMs - 
6 Mtft. Treasury 8Ws - 
3 Mth. CD - 

(Inch'd 

-002 

-006 

+006 

Band 3 BHH 

Sand < Sills 

3 Mth Trmrmry Bln 

10b 

ioa 

10 

FRANKFURT 

Lonterd 

One nuh. Interbank 

50 

3.95 

Und/d 

Knell'd 

3 Mdc Bank Bins 

TOKYO 

One month BHh 

Three momh BUk ... 

4.15625 

3.96875 

400625 

+00625 

PARIS 

InteryenUonRatf,— ~ 
CtWfTrdr./rvrrtewk — 
Three month — 

800 

7» 

7}3 

U ach'd 

"b 

-b 

BRUSSELS 

Gnemantft 

& 


MILAN 

H!« 

-b 

Three month 

-A 

Three month 

Ub 

-b 

AMSTERDAM 



OUBUW 

143 

-A 

Three ntomh 

5,'. 

(inch'd 

Three mon8i — 

13b 

-b 


Mar. 13 

OrernJght 

One 

Month 

Two 

Months 

Three 

Months 

Sx 

Montis 

Lombard 

FraaMiirt 

Prais 

Zurich — 

Areterdran 

Tokyo 

MOrat — 

Bnsuh 

OofaUn - - 

300-3.90 

7V-7b 

Vlb 

5A-5A 

3.90625 

HVllb 

4.70 

l«b-14b 

3.90-400 

7V7* 

ss 

lOVllb 

3-90-400 

7V7b 

13V14 

3.40405 

flrS 

SSh 

1111b 

i&s 

3.904.05 

7 SJ 4 A 

iavwb 

50 

7b 

LONDON MONEY RATES 




Mar. 13 

Owe- 

night 

7 days 

Mmah 

Three 

Months 

Sx 

Matos 

One 

Year 

Interbank w 

Sterling CDS. 

loof Arahorfry Deposits. 

Local Authority Bonds 

Dfsaxrat MTt« Oeposfts 

Company Deposits . 

Fhonce Home Deposits _ 

Tnaswy Bills (Boy> 

Sadr 84 Is (Boy) 

Floe Trade Bids (Boy) — 

Dollar CDs 

SDR Lkdvd Deposits 

ECU Unked Deposits 

1 1 i 1 II ! ®g| J 

1111 :i 155,5, | 

10b-10b 

lOJy-Uft 

10 b 

10 

10 

UM, 

10A 

6 .50-6. 4 5 
6b -6 

7V7 

100% 
9(1 -^5 
9% 
icn, 

I 

6A-5(I 

7b-7 

9V9b 

9 , U 9 A 

Iff, 

vk 

9b 

., 1 . 

6 AV. 

7b-7 

« 

9b 

** 

6506.45 

6A-5tt 

7A-7A 


Treayry BiJb (sell); ore-month 9}J pee cent; H w - m cnthe Vj per cent; Bank Bills (sell): ore- 
lbre * "W"** 19 9U per cent; Treasury BHh; Average tender rate ol discount 
nnZzt ECGB Frame* Scheme IV reference dale January 32 to Fefcntay 27 (fnefesfee): 

1U096 per cent. Local Authority and Finance Koines seeen day* notice, others seven derf need. 
Finance Houses Base Rate 11 per cent from Man* 1, 1987; Bank Deposit Rates for sows at seven 


Undas-band 1 trills mature m up to 14 days, band 2 bitts 15 10 33 daft band 3 MHs 34 » W days days' notice 4.35-4375 per cem. Certificates ri Tax Deposit (Senes 6): Deposit £100,000 and o*er 
and hand 4 mils 64 jo 91 days. Raws quoted represent Bank olEnelaildtaykig or telhngraiw with Ms under one month 8i> per cent: one-three months B>» per cent; three-six months 9 per wnt; stx- 
the money marfcra. In other centra* raw* an «er»*affy deposit rates m We domestic mowY nartot nme iremfts 9 per eem; nne-22 months 9 per cent Odder £100,000 Bh per cent front March 6. 
and their resoecifce ch-mgre du»ng the week. Deposits held wider Series 5 10U per cent. Deposits withdrawn for cash 5 her cert. 


beflt 

tun: 

FC$ 

Tflhl 

Fjw 

tak 

itben 


NCTICE OF REDEMPTION 


T* the Holders «T 


CHRYSLER OVERSEAS CAPITAL CORPORATION 

5% Guaranteed Convertible Sinking Food Debentures Due 1998 


and 


4 3/4% Guaranteed Convertible Sinking Fad Debentures Da 1988 . 

NOTICE IS HEREBY GIVEN to the holder* of ChrysfcrOveisew CBpferi Corporation (“Cfirysfcr Overseas") 5% Guaranteed 
Convertible Sinking Rmd Debentures Doe 1988 (the "5% Debentures") and of Chrysler Overseas +3/4* Guaranteed Convertible 
Sinking Fund Debentures Due 1988 (the “4 3/4% Debentures" h that pursuant to the provisions of the Indentures relating to lte5% : 
Debentures and the 4 3/4% Debentures. Chrysler Overseas will redeem all o/’lhe outstanding 5% Debentures and 4 3/4% Deben- 
tures on April 17. 1987. the date fated Tor redemption, upon the following tame . .. 

Redemption Date. April 17. 1987 

lTiilnigrtna Price. The 5% Debentures will be redee m ed uta Redemption Price equal to 100% of their principal amount .plus 
accrued i merest to the Redemption Date of S 10.27 per SUMO principal amount of the 5% Debentures redeemed, or a total of 
S1.0KLZ7 per SI.OQ0 principal amount ot the 5 % Debenture* redeemed. 

The < 3/4% Debentures will be redeemed at a Redemption Price equal to 100% of Ibdr principal amount plus accrued interest to 
the Redemption Dale of S19.91 per SI. 000 principal amount of the 4 3/4% Debentures redeemed, or a total of S1.0I9.9I per SI, 000 
principal amount of the 4 3/4% Debentures redeemed. 

The Redemption Price win become due usd payable on the Redemption Date. 

Redemption Proce du re . Payment of the Redemption Price of the 5% Debentures and the 4 3/4% Debentures will be made upon 
presentation and surrender thereof, together with all coupons appertaining thereto maturing subsequent to ibe Redemption Date. at - 
1BJ Schroder Bank A Trust Company, One Slate Street, New York. New York 10015, 6th Floor, Corporate Trust Department, or at 
the option of the bolder at the offices lined btkjw: 

ttowete task. AC to" Itowtat— tex InrWixr fU. . CwnlrM Bmgm *» njalm.Bmspfm m 

torattt 2 Mmrt toy* to Pme MrakkaflM 

Fmkten/Mto U i m xk nra. t iurat i wt 8 . .w i t. - UlteMta 

West Orawj 

S0.watte6Ck.lU Aktowa tote Mn ki ri — I N.V. ton Csunckk IMtara 

1 Rwhwy Ate- 4Ni fUor &V\}z*tstnml 6 Ptan 4tta Srate 

LoteM E.CJ M2P» il wmto. Mrtka taJ i Mtaa,ltoy 


*‘1 7 




: _ 

; _'.14J 


Ptot 


Coupons which shall mature on or before said Redemption Date should be detached and surrendered for payment in the usual 
manner. 

Cessation of bamst. On and after April 17. 1987. interest on the 5% Debentures and the 4 3/4% Debentures udtl cease to aocrue. 

Cswwra i en of Debentures. Chrysler Corporation has announced a three-for-two stock split Of Chrysler common stock. in the fbrtn .pf ; 
a 50% stock dividend, effective at the close of business on March 23, 1987. The stock split will require a recalculation of. the 
conversion prices of the 5% Debentures and the 4 3/4% Debentures that will adversely impact those prices on and after March 24. 
1987. As a result, those Debenture holders who elect to convert their Debenture* before the stock split becomes effective on March 
23. 1987. will receive a greater number of shares, on a post-split basis, than those who convert after that dattv’ - 


Any 5% Debenture may. at the option of the holder thereof, be converted at the principal amounLihereof into fully pad and non- 
assessable (a) pre-split shares of Chrysler common stock on or before March 23. 1987 at 530.89 per share, or. (b) post -split shares of 
Chrysler common stock on or after March 24. 1987 at 121.97 per share. For every $1,000 principal amoont.of the S% Debentures 
which are converted, a holder avD receive 32 pre-splii shares of Chrysler common nock, if Converted on or before March 23. 1987 or 
45 post-split shares of Chrysler common stock, if convened on or after March 24. 1987. Cash will b& paid for any. fractional shares! * 

Any 4 3/4% Debenture may. at the option of the holder thereof, be converted at the pritidpaT amount thereof into fully paid and 
no n assemb le (a) prewplit shares of Chrysler common stock on or before March 23^1987 at 535.40 per share, or <b) port-split shares 
of Chrysler common stock on or after March 24^ 1987 at $25.18 per share.'For every $1,000 principal amount of:the 4.3/49 
Debentures which are converted, a bolder will receive 28 pnxplit shares of Chrysler common stock, if convened on or before March 
23, 1987 or 39 postrspGt shares of Chrysler common stock. iT converted on or after March 24. 1987. Cash will be paid for my 
fractional shares. * . 


AnyS% Debenture or 43/4% Debenture converted into Chrysler Common Stock will liotbc entittof to payment of interm from- 
thc Isst interest payment date. ‘ 






To convert a Debenture, the holder must deliver such Debenture, together with all unmanned coupons appertaining thereto 
luring subsequent to the Redemption Date, to JBJ Schroder Bank & Trust Company. One State ^ Sweet. Npw York Nor York:i00f5; 
dih Floor. Corporate Trust Department, or at the option of ibe holder to lbs offices lined above under “Redemption P roced ure". .- . ; - 

aocompanied by written notice that the bolder elects to convert such Debenture. Such notice shad also state the jrmme or names (with ■' ‘ - * 

»ddre») in which the certificates for Chrysler common stock should be issued. .. 

The right to convert 5% Debentures and 4 3/4% Debentures wil! tommate at the doie of bnsfneJ* ooThe Redemption Dale - 


m 




( 


■Dated: March 12, 1987 


CHRYSLHC OVERSEAS CAPITAL CORPORATION 


Under the Interest and Dividend Tax Compliance Act of 1983. we may be required to withhold 20%-oT any pou payments made ' 
within the United Stares to certain holders who fail to provide us with, and oertify under penalties of perjury, a correct taxpayer ' 
identifying number (employer identiftcalioti number or social security number, as appropriate) or an exemption. certificate on or ’ 
before the dale the securities are presented for payment. Those holders who are required to provide thiir correct Uxpaycr idcrnifjca- . 
lion number on Internal Revcrme Service Form W-9 and wbo fail to do so may also be subject to a penalty of $50. Plcwe therefore^’ 
provide the app r op ria te certification when presenting your securities for payment. .. 





.... 


; : i 


.. .> 
































Financial Times Monday March 16 1967 


SECTION in 


Monday March 16 1987 


FINANCIAL TIMES 




Long a model of indust- 


rial peace and success- 


ful economic manage- 


ment, Austria needs to 


adapt to the fiercer eco- 


nomic cl imate of the late 1980s. The 


main parties have joined in a coalition 


bridging the gulf between left and right 


to seek solutions. First steps have been 


faltering. 


Quest to loosen 
set patterns 



economic wosw?* 


the economic outlook 

unexpectedly Mgwwe ln Wd* 
German e*wf prospects. 

hi Austria has been 1™°® 
electronic and motor industries-* 
socialists m tha 


and a worsening financial climate 

abroad caused by the growing pool 


cnsra m uam 

of activity is meanwhile expected 
on the Vienna Bourse. 4 


"StSaHl Socialists in th® 

ZSlSSmmfS* 


competitive pwsauies * home 


MXSTRY , ■ 

The public sector is under stre^— 

but can private empioyere mate 
good the loss of Jobs in the stej»- 
OMied businesses, most ofWhteh 
. have declined into deep deficit? 
Profile: Dr Hugo Michael Se**™- 
director general of the troumea 
state-owned OlAG group. 

■ Austrian ski manufacturers pur- 
sue an aggressive marketing 
state® « intematioralrompet^ 
Uon intensities; meanwhile, the 
tourism industry seeks to go up- 
market and solve long-*™ 
structural probtems rau^d by 
changing tastes among foreign 
visitors. *•* 




.■** ■ -b m "'iiv-jl- ^ V. .... :■£& 


□Bis 

wwn ifrffrySg 

^ I 




AUSTRIA, is sorting Itself out 
after what by the standards off the 

place, was aseries of political and 
wiwwitrif earflu m atas 
A coalition of Socialists and the 
conservative - People's Party, 


come about as the result of an 
inconclusive general election, 
bod^t deficits have readied the 


Under the leadership of a Yotmg 
Turk. Mr Joerg Haider, the 
nationalist rigbfrwing e j emon t 
had fw t iff to the tore ncasuy. 

First and foremost the Brand 
coalition will need to redefine the 
Austrian position on a series of 
major issues. So for, only. a start 
has been made, but though there 
many cross currents, at least 



|Key facts and indicators] 




mi 








-mm 









33 

PrlvTB " » 1 • • • :• fil 


. 1 j'.I MSS' 

~:y, ; ...fc:- x,'- ; i":: -i- -r ' •••■/• v.%: v-'V-i- .. T* IT! ^ 


iiEHlEMiJiiSi 






Rnitewnn was never coovinon^y 
bone out, but Dr WaldheimJ 
fumbling defence dmnaged vat 
only his r eputatio n. but that of 
Austria. 

The Grand Coalition <* Social 
irts and People’s Party undo: the 
hwdetship of a Socialist Chancd- 
|nr Dr Franz Vranitzky, was 
founded because It seemed the 
best way to find consensus smn- 

tkms totte hriemal probtems, but 

partly adso became «vot oto 
viable alternative would. hOT 
biomdti udo Government fee 
sESdEn Wy. a.tiadMtong 
ion» of conttnwriaHgw 

^&«nd rights PolW^ 


i ,7W 1 7* i ■ 


priv ati sa tion is not a dirty mnw 
a* regards Austria’s position in 
the world, the feceign mtamOT 
aw t vioeohanoeDor, Dr Alois 
Mock, Is concentrating on rda- 
Smm with the great poy«» 
upon Europe, 

B dBM made brio l^Mle 

Eastern politics d^n^the Mffl^ 

wbkfe proved 

and unpopulac. ffls bardertjw, 
be to redefine 
Austrian reflations wife the Baro- 

pyM> pnm^nnily. 

The objective, *** be droafem 

ft is fee^ckwest coopmaraon aM 

assoctation that a* possible tolly 


against it- 

tom the Common Agnaumrai 
Policy of the 12. It wants to be a 
nnr faww* in ewnmunily research 
and technology program mes, a 
field where a framework agree- 
ment for cooperation was con- 
rinded last year. M 

It wants afoo to share as fany as 

mssfide in the development of 
thehrtemal mar^of 
munity, instead rfWntagJJ 

the duly free esfesnge of indust- 
rial »»da only under an existing 
toe trade agreement. 

Vienna sees a senes of a d ho c 
agreements as the best rente 


BmRSIIII 


DIU5L frUUW UAAV ^ . .77 

itself has more urgent pnormes 
than a full scale negotiation 

"dt Mo^vriil even entertain the 
Uea of Austria being somehow 
associated with the community's 
process of political 
bon — provided it is a consultative 
process not impinging «P©“ 
Austrian sovereignty, not one m 
which binding dedstons are 
taken by majority vote. He denies 

that Moscow has raised any objec- 
tions. , . . 

-Interpreting our neutraia^a 

-is exclusively a business for me 


Though the primary 


WM i 14 |V w ■ ■ ■ ■ 

r rf w‘ ’ 




seeking ooser uma 

avoiding discnmination and 
sharing In technological P r °B p ^ 

advocates another, maybe 

lesspopular, motive is at play. It 
SoSfr hope that toiler exposure 
S^peUtiMi from the coamm- 
itv will help to break some of the 
rigidities in Austrian somety Ser- 
vice industries, mcludmgthe 

retafl trade, have ummstakable 

semi-cartel cbaractenstira and 

the academic world is oftencra- 
tent with its own Austrian 
backwater. 


degree of tax exemption ~- 
interest paid on savugs accounts, 
in order to encourage the forma- 
tion of risk capital, in^ead. 

The idea of running down orer- 
manning and nneconomicpiaiit m 

Ob i«w 


industry ana ui 

partially some businesses us 
incorporated in fee coalition 

agreement Subsidies to industry, 
S^^to cost Sch Mbn a year; 
mt including subsidi es to p ension 
foods and to the railways, are to 
be reduced . 


SS^ m n^dy-^irchiMedmter- 

ceptor fighters on its territory, 
because of the noise 
So what remains of the model 
which Austria was held up to be 

until quite recently?. 

Budget deficits apart, the eco- 
nomic fundamentals 

good. Unemployment at 6 per 

cent in the depth of winter, was 
lower than in most Western Euro- 
pean countries. The cunjent 
external account is more or less 


to Sch 13.06 -$1 

GOT per head: 58.535 (OECD figure 

at current prices and exchange rates) 

Reel growth rate GOP. 2%, 1984; 
3%. 1985; 2%. 1986 

Balance of merchant trade: On Sch 
m); -77.634 Hi 1985; -63,003 hi 

1986 

Current external balance (jn SchnO: 

-10.848 In 1984; -1.982 in 1985. 
end +2.582 in 1986 


, uuMto rfirfri? move the queen 




AUSTRIA? - MOZART, 

SA CHER, LANDER BANK." 



Travel, congresses, conferences - 
there ore many reasons for coming to 

Austria. And there are also many good 

masons for having the right banking 
connections in Austria: Tha land gT; 

The Ldnderbariic can rely on more than 

a century of experience in foreign busi- 
ness. It is a member of the ABECQR 
group and is in touch with 5000 egg 
nspooehHtt banks all over the world. 
It is nprasoated in all major trading 
centres through Hs re presentative of; 
fees in New York, Beijing. Hon fl Kg nfl, 
Sin gapore and Amster dam/ Beirut and 
its branch in Lond on . 

In short: It is pne of the 150 MEWS 
feflflk in the world and one of twojgft 
banks in Austria- 

By the way: Those who know the 
Lander-bank also value Austrian bant- 
ing legislation, ft g uarantor the m : 
vaster, partkular y the foreign in? 
ywKtar. discretion, fairness and security 
ranly found elsewhere. 

So: Enjoy Mozart. Relax in the S ocher. 
And raly on the Lan derbont. 

For further information please write to 

Cbterreichische Lfinderbank 
Ressort Ausland 
Am Hof 2 
A-10I0 Vienna 


Why not atta(*the AL^ran 


n ^Httanstaft is ttie leading baiK in Austria. • !^ tionan H d unemploymeritarnongstthe 

•'wage/pricerestraint based on social 

’ a S« M6 .«..cc Wrf o W ««. 

business investment 



CREDITANSTALT 

Austria’s leading international bam 

c,ed| ian5 , ^^^^Q f r g'gf, a inS!re^Lon^^C2V^^J®'®P^^^2_2 
S 0®«' VorkNV lOO^S-Te^^. «2i2, . 

Ne«'ref' t Bte nC • 




rvw ST?' 













Financial Times Monday March 16 1^7 


AUSTRIA 2 


Economic prospects 


Foreign Investment 


An unexpected 
reverse after early 
promise 



Notable successes 


ECONOMIC PROSPECTS for 
Austria looted bright at the 
beginning of this year, bat have 
suffered badly as die result of 
an unexpectedly big reverse to 
West German export prospects. 


Austria shares German 
technology and delivers large 
amounts of components to West 
German industry. Therefore its 
exporters always do best when 
the Germans are going fall tilt 
But at no time during the 1880s 
has German industry been 
extended sufficiently to export 
a real boom to its s mal l neigh- 
bour. 

Now that West German growth 
it faltering, the Austrians are 
bound to feel the effect. The 
Wifo Economic Research Insti- 
tute in Vienna estimated last 
December that real growth in 
Austria in 1887 would match last 
year's 2 per cent. Three months 
later it was clear that the fore- 
cast was too high. Guesses to be 
heard in Vienna at the begin- 
ning of March ranged downward 
from 1 per cent growth to a 
possible contraction of gross 
domestic product 


The reasons are evident: the 
decline of toe US dollar and of 
the oil price and financial 
stringencies in Eastern Europe. 
All these factors will in all 
livelihood remain effective this 
year. 

Reduced growth in West Ger- 
many— which last year took 
about a third of total Austrian 
exports of Scb 342.5bn (about 
£18bn), and where Austrian 
sales still showed growth — will 
hit the Austrian outlook all the 
more painfully. 

Hopes that domestic demand 




"AUSTRIA . . .the envy of west- 
ern Europe,** says the advertis- 
ing blurb on a guide for inves- 
tors, extolling the country's eco- 
nomic prosperity, political 
stability and social peace. The 
linage of smooth- efficiency 


exported back to the US. 

The new facility will be 
located on GM*s large Vienna 
site. The investment in new 


plant and machinery wOI reach 
Sch L2bu (mm), The amount of 


appears to ran counter to the 
well-publicised troubles that 


have beset Austria's 
nationalised industries. 

Yet foreign manufacturing 
investment In Austria has been 


rising steadily with major new 
ventures in the electronic and 


Prof. Stephan Korn* preaMant of toe caudal ban* (left), who ends 
Mmaoff a (mecfMr against bodge* deficits, and Or ftodfawnd 
Indus, Matter of Finance, who w* haw to make toe reqqbad 


ventures in the electronic 
motor Industries last year. 


subsidies for- the new project 
"from the Austrian Government 
and the city of Vienna was not 
disclosed but is believed to be 
between a quarter and a third of 
the Investment 
Packard Electric, a GM sub- 
sidiary, has also decided to take 

over and re-equip a plant which 



According to Mr Gerald Gexm, 
chairman of Austria’s Industrial 
Go-operation ana Development 


might fill the gap are likely to 
remain an Illusion. Exports 
account for about a third of 
Austrian gross national pro- 
duct, so that events abroad have 
an above-average impact upon 
Austrian economic activity. 

Moreover, consumer confi- 
dence in Austria must have 
been badly damaged by the 
'severe financial troubles of 
state-owned industry. Consum- 
ers saved an unusually large 
portion of their incomes lari 
year and there is little news 
around which is calculated to 
draw them from their reserve. 


Whereas Austrian exporters 
last year held their own in the' 
markets of industrialised West- 
ern European countries. Impor- 
tant, if smaller, markets such as 
North America, Opec and East- 
ern Europe contracted badly. 


unsustainable. Far the time 
being that is toe end of the anti- 
cyclical deficit financing which 
served Austria well in the late 
1870s, but which also reached 
the limits of what was feasible 
fiscally. 

The tong-term strategy of the 
coalition pact Includes a tax 
reform designed to close 
loopholes and reduce marginal 
tax rates, both to simplify the 
system and to reduce the Inci- 
dence of tax avoidance and tax 
evasion. Overall revenue is 
Intended to remain stable: cuts 
are to be made to expenditure 
including— if initial intentions 


prevail— cuts into the pro- 
liferating system of industrial 
and farm subsidies. 

For a start, the deficit in this 
year’s budget has been stabil- 
ised around 5 per cent of GDP 
and the intention is to halve that 
figure by 1882. Prof Stefan 
Korea, president of the Central 
Bank, has said that Austria 
could live with the latter figure, 
but has also asked for real prog- 
ress to be made in the 1988 
budget doe next autumn. 


Nor is fiscal policy expansion- 
ary, since the new coalition Gov- 
ernment of Socialists and the 
conservative People's Parly has 
vowed to bring down budget 
deficits, which have proved 


Gross National Product 


30* Percentage 


T -- — -- ■ ■ 


r^L~ 



• > fV : 

fr* .* 

*C*:V 













.& 

:fC 

•Vy V 




* 

S'# 

■tlj 'ji 





e, ,\ .■ 

»«; :^v.v 

; m 

■ .<■ 

_ iiLL 

% tf* »*;<» 

♦ ;■> ■ 

• ■ ■ j . ■ • • 


The implication is that failing 
such progress it will become 
harder to keep up the hard 
currency policy pursued for 
many years. The policy amounts 
to keeping the Austrian Schill- 
ing stable in terms of the 
Deutsche Mark. When the West 
German currency was revalued 
in January, Austria duly fol- 
lowed at once. 


That policy has retained its 
edibility in financial markets. 


05* 

1980 81 

Snwce-OECD ! pup* rescan 


83 84 85 86 87 


credibility in financial markets. 
Austrian foreign exchange 
reserves have remained stable 
throughout 1968 and foreign 
investors hung on to their 
Schilling bonds. The amount 
held abroad is around Sch 40bn- 
50bn. made attractive by a yield 


slightly higher than that of Ger- 
man bonds and by the prospect 
of participating In German 
revaluations. 

Hie hard currency policy is a 
centrepiece of anti-inflation 
strategy. Zt has been backed 
folly by the trade union federa- 
tion which sees it as a main 
condition for its traditionally 
moderate wage claims. 

The result has been a 
relatively low inflation rate, 
though last year's 3.8 per cent 
was less outstanding by inter- 
national standards than some 
previous performances. 

Because inflation is low, the 
effect of revaluations upon 
export prices is less than might 
appear. But overall Austrian 
exporters have had to make 
greater price concessions than 
their competitors in Switzer- 
land and west Germany, mean- 
ing that Austria has been buying 
market share at the expense of 
some profit 

None the less cashflow 
improved last year and Austrian 
industry embarked on a minor 
investment boom. The stress, 
however, was firmly not upon 
expanding capacities but upon 
rationalisation. That suggests 
that necessity rather than espe- 
cial optimism was behind the 
boom. 

It also suggests that Austria 
may find it bard to maintain its 
better-than-average record with 
unemployment Last year the 
unemployment ratio averaged 
5-2 per cent (compared with 79 
per cent in West Germany). 
Since state-owned industry is 
cutting staffc to meet a fierce 
financial and structural crisis, 
there is a danger that the 
unemployment ratio in Austria 
will converge with that of less 
fortunate countries. 


Co-operation and Development 
Agency GCD), his company 
heJ mm to bring investment 
worth over Sch Son (9234m) to 
Austria in 1986, Its most success- 
ful year since it was founded 
about five years ago, primarily 
to promote job creation in 
unemployment black spots. 

About 2,000 new jobs will have 
been created when new projects 
by General Motors of the US, 
Sony Corporation of Japan, and 
several European companies 
are completed. Mr Genn says 
that the benefit in jobs as well 
as in orders for Austrian indus- 
try are considerable. 

"There is a ripple effect that 
extends far beyond the original 
Investment,* 1 he says. 

Some MOO Austrian com- 
panies supply parts to General 
Motors* existing engine and 
mar box plant in Vienna alone. 
Their number is set to grow 
following a decision ter GM*s 
Rochester division last March to 
chose Vienna for manufacturing 
electronic fael injection compo- 
nents. The whole output will be 


specialised footwear manu- 
facturer. in Austria’s eastern- 
most province of Buigeoland, to 
manufacture electric cables 
and wiring harnesses for cam 
The investment is more modest 
atabout Sch 130m. It will help to 
save 600600 jobs which would 
otherwise hare been lost la a 
region of limited employment 
opportunities. 

GM first decided to choose 
Austria as a manufacturing base 
for engines and gear boxes in 
1979 as part of plans to establish 
flill car production tn Europe. 
After dismissing West Germany, 
Britain, Belgium and Italy on 
the grounds of costs or difficult 
labour relations, the choice waa 
reduced to France, Spain and 
Austria. In the end, GM chose 
Spain (for assembly and some 
components) and Austria. 


ing for its workers. 

These nmisnalfy nigh sub" 
sidles caused some iocar enti- 
cism, but both the Austrian 
authorities and GM say theyare 
well pleased with the results. It 

is oh the strength of this experi- 
ence that GM decided to expand 
production- in Vienna. 

-The Aapern (Vienna) plant 
has top quality rating among GM 
plants,” says. Mr Edwin Kiefer, 
general manager of the plant 

Other advantages include 
high productivity, lower wage* 
Mirf lower overall labour and 
plant costs compared with the 
US or other major West Euro- 
pean countries. Austria, is also 
free of strikes and labour 
unrest, he says. 

These qualities appear to 
have been decisive factors 
behind Sony's decision to set up 
its only European compact disk 
(CD) manufacturing' plant to 
Austria- Total investment for 
the-pndeet which is to be com- 
pleted to two stages is planned 
at about Sch L2bu with an ini- 
tial investment of Sch 826m to 


ftfrGM*! 06WR l****** J* 
the Moatriet Co^peotipit and 
Development Agency 


productivity to Austria has to be 
measured aga ins t that of his 
competitors In the Far East— in 
japan, South Korea, Singapore 

and Malaysia. _ • • 

A key element in the equation 
is flexibility cm the factory floor- 
There were difficult negotia- 
tions with the trade unions and, 

as yet, it is only in place for 


parts of production, bat he says 
^in practice* to private cont- 


act up the plant Gove rn ment 
subsidies cover more, than 20 
per cent of the original outlay. 

The Austrians hope that 
Sony's move will attract other 
Japanese companies and high 
technology investment to their 
country. Sr Genn points out that 
besides domestic -advantages 
Austria also offers duty-free 
entry into the European. Com- 
munity. 

Dr Theo Ettel, , managing 
director erf Philips Austria, says 
that good labour relations— 
“there have been no strikes as 
far as 1 can remember at least 


Sfnce then, investment for the 
original plant, built on the site 
of Vienna's old International 
airport, has reached about 
9700m. Government sn bridles 
were high, covering about one 
third of the original Investment 
in cash, in addition to providing 
the land for the plant and train- 


ter than in other countries,” and 
he is optimistic that fall con- 
tinuous production .will ' be 
achieved. . 

Dr Ettel says that the quality 


of -Austrian suppliers is '.good 
but still limited to ranga Phi- 
lips Austria buys . up to 30- per 
cent of its supplies locally, It 
stm has to import some sup plies 
frnm the Far East . _ . - - 
“The more industry grows to 
this country, the more we will 
be able to get our supplies 
locally,” he say*. r - * : • 

T d- view is shared by Mr 
Kiefer at GM 

. “Ldfa of materials are not 


availabteCbtere) 

more cboi^Anstriantodusby 
vriU hare to push forward on 
this.* he says. . ... .. 

. The Government belierea that 
a growing number of joint 
.taxes- with foreign partners of 
an sixes may help to fill someof 
the gaps in Austriair todurity.lt 
alsohope* to attract mote com- 
panies from the electronics aqd 
car industries. . . 

After a slow start and some 
mlriakee-’-a planned joint ven- 
ture between Vdest- Alpin e, the 
troubled -state-owned steel and 
engineering group, and Oki 
Electric of Japan to manufac- 
ture commodity chips collapsed 
before it could get tor the 
ground— the Austrian author- 
ities achieved sqme notable see* 
ceases to their efforts to 
foreign investment to Axuto* to 
1986. More projects are-under 

lypA’aH iu^n «n ^ gr GOUA St 

least fa hopefol that serend will 
be agreed this year; 7“ 

PMffek Btam 


since the 1950 b"— the higher the 
volume of production, the gcea- 


Manufactured goods : trade volume 



— f i/ l Imports 


W, L Luetkens 


1981 82 


ter the advantages. “Industrial 
productivity is very good pro- 
vided you get economies of 
scale— you need volumes that 
can be compared with (those to) 
the Far East," he says. 

Philips has been present to 
Austria since the 1S20& and over 
the years it has gradually 
expanded its production to 
become the country’s fourth 
largest exporter with total sales 
of Sch lfUSm and exports of 
Sch llbn lari yean It owns fac- 
tories to Vienna. Carinthia, 
Styria and Upper Austria. A 
new plant on a vast site on the 
outskirts oTVienna was recently 
completed at a cast of about 
Sch 2bn over four yea n .with 
Go ve r nm ent subsidies covering, 
about 30 per cent of the invest 
ment 

Dr Ettel believes that labour 
costs below European peak 
rates are an. advantage but that 



First Austrian Bank Since isi9 
The Innovative Bank wrm Tradition 


THE PARTNER 

FOR YOUR FINANCIAL INVESTMENTS: 

A PROVEN RECORD OVER 160 YEARS IN A COUNTRY 
WITH BANKING SECRECY SECOND TO NONE. 




fat«xMUK9 


Head Omct Grabek a. Km Vbbwa, Ausiwa bfiDtwncMu, DrrtSTOM.TQjMis^fitu^mEsw 
RfysfsavTWVE Omcz Awtraim: «th Leva. MX-C Centre, 1^29 Murnw Pucs, Sywcy; nsw sue, TYii (m) zaasi. Tit 72*5 coho 
Rwrbbwauve Ones Italy; Viua Zium, hm Mohteviau: di Wtesza. Tel (b« 4 ) xtas. Tit «oms Esra i 

UiNDariltoiiEuxiATive Omen riCowwM. London KWSATnja-» 48 B^TnMWMquTC - 






Pee;:’ s si= 


BtEties-: VJ 


























-* 


Financial Times Monday March 


16 1987 


AUSTRIA 3 




Political scene 


m * 


m 


ssa 

“Sr. 

&& 

* ~i -t- 

-* a- .’.‘5 
* ^ 

?E l-l * ■ 


*» >r ^ 


»j*u{£ 

I”?* irr„ 
r -'rt ■„; 


w*'V 

’5 - i* if 
«fc 

' K: btf )i"v .. 
tr -• .. , - 

>(*' Vi-'.- 


e-c. ' 

i-v- 
v«-i : ; 

'•’Tv' -V-’ • 

-f. ' 

I;.' . ' 

i: • • 
fi.:> -.. " 
• -• I' 1 •.*’ 


•zi y 

v_% 

- - r 

v- -J~. 

c; • 




Coalition shot at from both sides 


CONSERVATIVES and Social, 

Awimg cohabitation in 

-sssss 

sSSSSKSSM 


difficult negotiations and some consider another aircraft 


bickering over who was to get The row has Fuelled criticism the project 
wfaat ministerial job, of the government, Mr Norbert Dr Vranitzky appears res- 

Ac cording to unpublished Gugerbauer, general secretary igned to trouble— “Whatever we 
party polls, the two coalition of the Freedom Parly, says that do, whether this project or 
parties have troth been losing the Government’s inept band- another project on the Danube, 
rapport since the elections. The ling of the issue is threatening there will hie a lot of protests," 
Socialists buoyed by the bus- to make Austria -a laughing he says, 
tained popularity of Dr Franz stock. The danger is that it could 

Vranitzky, the Socialist Chan- Dr Vranitzky admits that the split the Government, 
cellor, have been more success- Government has not always The coalition will also be 
fUl at holding their ground, but appeared as uni Led as it claims wrestling with restructuring the 
the People's Party has fallen to be and that there is nationalised industries. The 
back several percentage points, disenchantment within the Government has indicated that 
The recent rows over energy Socialist Party. some jobs will be lost in the 


to fight any moves to resurrect 


The pace quickens for Dr Franz 
Vranitzky, Coalition Leader 

Moving into high gear 


According to nnpublished Gugerbauer, general secretary 
party polls, the two coalition of the Freedom Party, says that 


g£^ to *to»*e D the coalf- 
it atai has widespread 
«gPjjrtand there Is no evident 
•“fcnwave immediately at 
"•“d-rbntthey highlight some 


»bfcr i ^cbb T critic OB 


to sink 

***** differences following an 
toCQn ch mroegeneral election in 
November which left neither in 
» position to form a viable gov- 
®ounent on its own: 

Tne Socialists remained the 
party with a narrow 
niwqrily in Parliament having 
tost to seats and failing well 
“Ort of an overall majority. The 
Copies Party had one of its 


'* V 


■ Sv ■ ■>* . ■ v-;t 


Slit km. 


the People Party has fallen to be and that there is nationalised industries. The 
back several percentage points, disenchantment within the Government has indicated that 
The recent rows over energy Socialist Party. some jobs will be lost in the 

poucy, plans for tax reforms and There is Quite a lot of frustra- process. The trade onions and 
defence policy among others tion with party life. The last the Socialist Party's left have so 
seem to be slowly eroding pub- time that the Socialist Party far reluctantly accepted the 
lie confidence. won an absolute majority was in need for rationalisation in the 

The latest and rrossiblv most 197 ?- )? e says. state industries, but pressure 


The latest and possibly most M S& 5®“** 


Joer* HaWdor, freedom Party 
loader, ■ popuBat wttb strong 


dom Party — such as existed 
befo re the election — but tfriy 
was rejected as unacceptable by 


worst election resatta for unacceptable^ 

Meades losing Socialists because of the 

^SgbeSSSrs^S^ t sharp torch to 


MwuHi ine socialists, the right and aT too uk. defensive and now faces the 

S* ri0 "^® s 55“ as P*£»t§Ety ahaast impossible task of fin- 

and the" Gremw^vhi? damaging to Austria's image— ding an acceptable alternative 

dnm Parte ** People’s Party. site. 

Raider innnniirf Jk A coalition or power-sharing The issue has led to a major 

«22SiiL p0I !SSL? ,tl1 s ? ron ? arrangement with the row within the People’s Party 


damavincr row cn far hn« hrm u mere axe questions a Dour trom Deiow coma resunace u 
over government plans to ste- H? e th ^ y b ®SlL tt » Government is seen to 

turn newlv-bouaht Saab Draban di® late 1970s and early 1980s, falter. 

taSSto? Sto the » headds - Not everyone in the Socialist 

vince of Styria. p There are many pitfalls Party agrees with Dr Vranitzky** 

The p lan has met fierce ahead. The Government's deci- social democratic and liberal 
oooosition from Mr loser siQn to r&examine the possibil- Wen d of politics, and many in 
KSto^he iro^rivil^d i»y ot building more power the People's Party remain 
hr ennxemtiw fowmor nr tU plants on the Danube east of unconvinced about the merits of 
S^JSS^n of Vi enna is ^ely to generate the “Grand Coalition" which 

noise ara pollution. The govern- strong opposition. Initial plans they see as a sell-out of the 
meat has been thrown on Use to bu,ld a and P° wer P lant party's promised radical change 
defensive and now faces the a f Ha ‘i bu iF tb \ Cze S ho ‘ “ Government policy, 
almost impossible task of fin- 5£Y®5f With about 85 per cent of the 


Haider, a populist with strong 
nationalist colours, almost 
doubled its share of the vote 
winning 18 seats. The " Greens,” 
an am al g am of environmental- 
ists, rural conservatives and 
left-wing radicals, won almost 5 

***? v°tf despite outside the main parties on the second-hand Drahens from 
Sronnds that it would mean Sweden was agreed last year by 
rmiament for the first tune diluting each party’s own pro- the former Socialist-led small 
__ gramme and that It would coalition government It was 

bmw Greens and the Free- encourage complacency, strongly criticised at the time on 
aom Party benefited from wide- patronage and inefficiency, it the grounds that the aircraft 
®proaa public dissatisfaction was seen as the only way to were too expensive, too old and 
with the Dig parties winning a solve some of the country’s not appropriate to Austria's 
Dumber protest votes. , pressing economic problems. A needs. Dr Mock believes that 
There were voices in favour of government programme was the deal should be scrapped 
a s mal l coa lition with the Free- aereed after several weeks of and that the government should 


vided a working and stable 
majority. 

Despite opposition to a 
"Grand Coalition" inside and 


any almost impossible task of fin- ^“”*7 , a S“v With about 85 per cent of the 

ding an acceptable alternative beS^en ^ See ^ and vote at the last general election, 
site. owtweea pouce the coalition is in a position to 

tag fii The issue has led to a major D^emb?r Th^wS “ posh t £ r ? a £ h unpopular mea- 

the row within the People’s Party SSorvictorvforthe Greenland sures ’ bu L there arejnany dan- 
“ Greens "was not on the cards with Dr Alois Mock, the party SlfflhS?5lS2?§SlS! K22' 
since it would not have pro- leader, Vice-Chancellor and Green politicians have 4 In ^ not-so-distant 

ble Foreign Minister, so far unable already called for a “grand mture - 

to bnng the tyoublesome Mr coalition" of environmentalists Patrick Blum 

Krainer to heeL 
The decision to purchase 


Patrick Blum 


Dr Alois Mock and the People's Party 

Master of compromise 


DB ALOIS MOCK who cumu- 
lates the Auctions of Vice- 
Chancellor, Foreign Mlniiifay 
and leader of tile conservative 
People's Party finds himself 
perhaps more than any' other 
Austrian politician buffeted by 
contrary pressures and lobbies. 

. . Tbe.fwpple's Party has always 
heeaan nnratyooafltion racked 
by conflicts between farmers, 
industrialists, public servants, 
and a blue and white collar 
workers' section. Its leader has 
to trend care folly between the 
need to, uphold political unity 
and purpose and party disci- 
pline Without anfaign»ii«teg its 
constituent parts which include 
very powerful vested interests' 
in the provinces where the party 
has most of its support 

Add almost 17 unbroken yean 
of opposition and it becomes 
easier to understand why Dr 
Mock faces an uphill battle to 
keep his troops all marching in 
the same direction and to the 
same time. 

During the difficult negotia- 
tions with the SoclalistB after 
l ast November's general elec- 
tion, which left none of the par- 
ties with a workable majority, 
senior People's Party politi- 


cians argued against one 
another in public, often acrimo- 
niously, over what to do next 
Mr Erhard Busek, the Deputy 
Mayor of Vienna, who is popular 
with environmentalists, was 
against a coalition, profaning 
farther opposition. 

. Some leading provincial 
politicians came out for -a 
6 grand coalition ” with the 
socialists while others favoured 
a coalition with the small 
nationalist and staunchly right- 
wing Freedom Party. 

• Dr Mock’s own position was 
seriously threatened following 
the party's poor performance in 
the election and a momentary 
breakdown from stress. 

- I nte rnal but very public party 
rows have continued unabated 
since the Coalition Government 
with the socialists was estab- 
lished in January.. There have 
been rows over plans to build 
new power plants on the 
Danube, over plans to station a 
new interceptor aircraft in the 
province of Styria— the con- 
servative governor of the pro- 
vince baa announced that this 
was unacceptable because of 
noise and pollution — and rows 
-over the choice of People's 




Site 


ymm 




Dr AMs Mode boldine an unruly 


Two hints 
to convince 
you of Linz 


First; Linz is. between Vie 
musical polos of Vienna 
and Salzburg, the 
industrial center of Austria 

And second: With the 
Aligemeine Sparkasse of 
Unz you are offered the 
services of a bank 
unsurpassed in local 
know-how and at the 
same time well acquainted 
with advanced 
international business. 

JSm i Aligemeine 
59 Sparkasse 



As* 


SWIFT AD0RES& ASPK AT 2tl 

tenS deafen 

AUSTRIA 


RS 

Party .el ectora 1 performance 

^1 


Nov 1986 

per cent seats 

April 1983 
per cent seats 

Socialists 

43.1 

80 

47.7 

90 

People's Party 

41.3 

77 

43.2 

81 

Freedom Party 

Greens 

9.7 

48 

18 

8 

5.0 

3.3 

12 


VRAAANZ, screamed the car 
sticker for the election campaign 
of Dr Franz Vranitzky and the 
Austrian Socialists, neatly mat- 
ting his name with “vroom," the 
strip cartoonist's short-hand for 
fierce acceleration. 

Dr Vranitzky’s turn of Speed 
once upon a time earned him a 
place in the national basketball 
team, but was more recently 
demonstrated in a public career 
that catapulted him to the head of 
the Austrian Government In a 
very short time. 

Be was pot in charge of one of 
the country's leading banks, 
Lsoiierbank, when it was in 
deep trouble in 1981. In 1984 he 
became Finance Minister when 
budget deficits had began to look 
incurable. 

Last year, at the early age of 48, 
he moved up to Chancellor when 
the Socialists found themselves 
in deep trouble after the election 
of a conservative, Dr Kart Wal- 
dheim, to the Presidency. 

Dr Vranitzky more or less deli- 
vered the goods on November 28 
last when the Socialists unex- 
pectedly remained the largest 
party in a general election. He 
persnaded the electorate that, as 
banker, he knew more about 
business than his opponents at a 
time when the Austrian economy 
was beginning to look ragged. 

His performance at least for 
the time being quietened more 
ideologically-minded Socialists 
who disliked his pragmatic and 
technocratic ways. But the tum- 
ble-shooter will have to keep on 
moving fast if he is to maintain 
Us hold over party and govern- 
ment 

Not only the party needs hol- 
ding together; the Government is 
a coalition of Socialists with the 
conservative Austrian People's 
Party who have been fighting 
each other (to at least 20 years, 



Dr Vranitzky, 48c swiftly catapulted into power 


and who have come together now 
because It seemed the best way to 
solve a host of daunting prob- 
lems: budget deficits, huge los- 
ses in state-owned industry, and 
an Increasingly expensive wel- 
fare system. 

Dr Vranitzky’* attitude to these 
problems is simple if not tradi- 
tionally socialist “In the long 
run the welfare state can be 
financed only by a profitable eco- 
nomy," he says. And: “ Nowhere 
In the world is there such a thing 
as a guaranteed job." And again: 
“ Government has no managerial 
function in business." What mat- 
ters Is not so much who owns a 
business, but bow successfully it 
Is run. 

So what is the relevance of 
socialism in 1987? 

As though unhappy with such 
abstractions, the Chancellor 
answers slowly, but in concrete 
terms: “ We must listen to people 


much more, get a feeling for 
what they want, what they are 
afraid of. . . and I do think that 
one needs to consider that the 
state and bureaucracy and all 
those anonymous institutions no 
longer are very attractive to 
people — not only in Austria." 

Much and maybe all of that is 
acceptable to the People's Party. 
Yet the opening weeks of Dr Vra- 
nitzky’s Grand Coalition with the 
conservatives has been marked 
by public bickering not so much 
between the two parties as by 
ministers floating pet schemes 
without cabinet agreement. 

Dr Vraaanz is philosophical 
about that — at least so far. 

" This is not the only govern- 
ment in the world where mem- 
bers express differing views on 
the same topic." 

W. L. Luetkens 


VIENNA. THE HEART OF EUROPE. Easy on your senses. 


_ - •; VjTv. , _ <i ft S* ' 1 - v ■ 

it >S£7 a*, jf ■ 


Party ministers in the new Gov- 
ernment 

For all that, Dr Mock believes 
that his party will settle down as 
the demands of government 
assert themselves. 

“ Ifs a question of adaptation. 
We have to apply some first aid 
measures which conflict with 
croups and regional Interests," 
he says. 

“ Nobody should be forbidden 
to think,” he adds in obvious 
recognition that any attempt to 
overrule his critics in the pro- 
vinces would probably be fruit- 
less and counter-productive. 

When asked whether he is 
confident that he will retain his 
party’s support for the Coalition 
Government and for himself as 
party leader he gives an 
unequivocal answer “ Yes, why 
not Every party has its prob- 
lems.” 

But not everyone is con- 
vinced. 

Since becoming party leader 
in 1979, Dr Mock, now 52 years 
old, has relied on compromise, 
aiming at practical solutions 
rather than adherence to 
ideological parity. This has 
made for uninspiring leader- 
ship, but It has kept an 
exceedingly quarrelsome party 
together. 

Dr Mock’s personal style is 
also reflected in his approach to 
foreign policy. The objective of 
foreign policy must be, above all 
else, to secure and preserve 
Austria's independence, he 
says. This means, first and fore- 
most, cultivating good relations 
with the Soviet Union and the 
US, then with Austria’s neigh- 
bours, giving greater emphasis 
to the European Community. 

Austria's role in other parts of 
the world, especially in the Mid- 
dle East— a keystone of policy 
under Dr Bruno Kreisky, the 
former chancellor and socialist 
leader — comes farther down the 
list of priorities. 

Foreign policy will be less 
ambitious and more clearly cen- 
tred on Austria's immediate 
practical interests as a small 
industrialised European state. 

Dr Mock’s party critics say 
that he is giving too much away 
to the Socialists. He is still 
recovering from his . election 
disappointment and he will 
need to use ail his political abi- 
lities in the forthcoming months 
to keep his party under control 
and in one piece. 


B8 

'M 



- | 

m 


& ,■ 




CONVENTIONS demand a let from yaur senses. Se the 
serroendiags end atmosphere have to make it easy far you to lake in ad a 
convention has to offer, both in words and images. Opening in May. 1987. the now 
Austria Center Vienna dees just that, with first-class slide, film end video 
projection as well as an ultra-modern audio system offering simultaneous 
translation in nine languages. All this in a city renowned for its eld-worid 
gentility, not to mention its extraordinary palate. So if yeu're planning to stage a 
conference or convention, consider the new Austria Canter Vienne. 


• • • • 

• ••Off 

oooeoo 
• o • • • o o 
•••••••• 

••••••••• 

•••••••••• 


•••••••••• 


ce. Cell (222) 23 69/300, write to P.0. Box 53, A-1223 Vienna or tales 135024 

Patrick HMe fur m ar e information. 


AUSTRIA CENTER 


VIENNA 





Financial Times Monday March 16 1987 


AUSTRIA 4 


Financial institutions 


Worries for bankers 


FINANCIAL INSTITUTIONS in 
Vienna face more difficult 
times after two years of high 
growth and profits. Renewed 
competitive pressures at home 
and the worsening financial cli- 
mate abroad caused by the 
growing debt crisis in Latin 
America have made prospects 
more uncertain for 1987. 

The exposure of Austrian 
h s n M in Latin America — -cur- 
rently at Sch 13.8bn with Brazil 
accounting { for Sch 3-9 bn — is 
modest by international stan- 
dards, but the crisis is worrying 
Austrian bankers who fear its 
practical consequences inter- 
nationally and its impact on the 
credibility of banks domes- 
tically. 

Fierce competition on the 
domestic market at a time when 
the economy looks set to grow at 
a slower rate than forecast and 
when the banks are already fac- 
ing pressures to meet touch new 
requirements in capital ratios 
under a new banking law are 
additional reasons for concern. 

The new law presents 
Austrian financial insitutions 
with their biggest challenge 
since the sweeping liberalisa- 
tion of the Late 1970s. It requires 
the banks to raise the ratio of 
their share capital and reserves 
to 4 per cent of balance sheet 
totals by 1991 and to 4.5 per cent 
within the following five years. 

In effect, it will compel them 
to be more efficient and to 
improve their profitability— two 
major, if unwritten, objectives 
of the law. 

Austrian banks suffer from 
some of the lowest capital ratios 
and profit margins in their field 


among the group of industrial- 
ised countries. Liberalisation 
opened up a period of cut-throat 
competition during which costs 
soared and profit ma rg ins fell 
sharply. ^ ' . 

In recent years there has been 
growing pressure on the banks 
to improve their performance 
The threat of Government 
intervention encouraged them 
to seek some form of self-regula- 
tion and in January 1985 they 
struck a gentleman's agreement 
to curb competition by regulat- 
ing lending and borrowing rates 
and to restrain “unfair” 
advertising practices. 

The agreement brought 
temporary improvements bat it 
could not be enforced or sus- 
tained as individual banks 
sought to gain advantage over 
their competitors. By the sum- 
mer of 1988 it had effectively 
broken down but tv then the 
Government had already agreed 
on new legislation. 

Apart from establishing strict 
minimum capital rati os, fe e law 
introduces several instruments 
including new types of par- 
ticipation and subordinated 
capital to help the banks raise 
equity. The participation 
certificates are roughly equiva- 
lent to risk bearing non-voting 
shares which carry higher 
distributions than for ordinary 
shares but receive no distribu- 
tion in the case of losses. 

According to Finance Minis- 
try estimates within the first 
five years, the banks will need 
to raise between Sch 50bn and 
Sch lOObn depending on busi- 
ness growth. Assuming a 5 per 
cent growth rate the amount to 


be raised would be in the region 
of Sch 85bn- 

CreditanstaU Vankverein, 
Austria’s largest bank, expects 
to have to raise capital and 
reserves by about Sen lObn by 
1991 to meet the new require- 
ments. The Girozentrale Bank 
estimates that on the basis of a 6 
per cent annual increase in its 
balance sheet over the next five 
years it will need to raise about 
Sch 6b n, and Osterreichische 
Laenderbank estimates that it 
will need to raise about Sch 5b n. 

Competition among the banks 
for binds is high and some 
moved quickly to gain a head 
start in the market. Creditan- 
stalt made the first issue of par- 
ticipation certificates in June 
for a nominal Sch 100m. 

This was followed by another 
issue in October for Sch 168m 
which was partly placed in 
Switzerland. It also made two 
standard share issues, one in 
April for Sch 300m and another 
in November for Sch 100m. 

Dr Guido Schmidt-Chiari, Cre- 
ditanstalt deputy chairman, 
says that the bank’s capital and 
reserve ratio to balance sheet 
total has been raised from 2.68 
per cent at the end of 1985 to 
3.12 per cent now. The tuning of 
further moves to raise capital 
will depend on market condi- 
tions, he says. 

Laenderbank launched the 
first international issue of par- 
ticipation certificates in 
September. The issue for a 
nominal value of Sch 200m was 
ied-managed by Credit Suisse 
First Boston and offered to 
investors in Frankfurt, Zurich 
and London. 


It also launched a floating 
rate note Issue, split In two 
parts, a first part for Sch 400m in 
November followed by an 
additional Sch 130m in Decem- 
ber. In January it issued ordin- 
ary shares with a- nominal value 
of Sch ISOm raising about Sch 
400m. 

A further issue of Sch 50m is 
planned in the spring and 
another Sch 150m for the begin- 
ning of next year. The bank's 
capital ratio has been raised 
from 2.7 per cent of balance 
sheet in 1985 to 3£2 per cent at 
the end of last year. 

Girozentrale raised its capital 
by Sch 1.5bn and will raise as 
much again by 199L in the 
meantime it plans to issue par- 
ticipation certificates with a 
nominal value of Sch 500m on 
the domestic and foreign mar- 
kets. Several other banks have 
tapped toe market for hinds 
since December and the big 
three are likely to wait for the 
domestic market to settle down 
before seeking to raise more 
capital. 

Dr Schmidt-Chiari says that 
earnings last year were well up 
on 1985 with particularly strong Vienna headquarters of Oesten 
growth, for the second year run- 
ning, in the securities business. 

Consolidated banking group Dr Karl Pale, chairman of 
profits before allocation to Gironzentrale which celebrates 
reserves and after tax were up ih 50th anniversary this year, 
from Sch 562.5m in 2985 to Sch describes 1968 as a year of 



... 

-i * -is*?'- ■ • 

' ■ ■■ _ * . 


• v><~* <*& 





Laenderbank, one of the taro 


major state-owned commercial banka to kuaMm. 


968.9m last year. 


Parent bank operating profits investment banking and the 
excluding own account trading securities business. According 
in securities and currency rose to initial estimates profits are 
from Sch 1.84bu to just over Sch expected to increase by about 8 
2bn last year. The bank will be per cent on balance sheet total 
increasing its dividend from 10 up 6 per cent to Sch 265.7bn. 


Dr Karl Pale, chairman of report record profits and high seeking • to strengthen ' their tanstalt and Laenderbank do 
ironzentrale which celebrates growth when its final results for international profile and activi- not have Cull rights ana are not 
i 50th anniversary this year, 1986 are published. Mr Gerhard ties. Creditanstalt will open entitled to a dividend- A foreign 
•scribes i960 as a year of Wagner says that partial operafr- representative offices in Sfos- shareholder can get round the 
strong growth particularly in ing profits are expected to be cow, Hong Kong and Tokyo this law. by selling the coupon on. his- 
vesiment banking and the more than 20 per cent higher year. Gironzentrale acquired a shares back to the bank but the 


shares back to the bank but the 


per cent to 12 per cent 


Laenderbank is expected to 



The Vienna Bourse 


A high level of activity 


than in 1985 with profit in the majority share in Ba akin vest law acts as a disincentive., 
securities business up by more AG of Zurich last year and it will tq next few years the Gov- 

than 10 per cent The bank will upgrade its New York repre- emment ^ also expected to gra- 
also raise its dividend from 10 sentatiye office into a frill H „ w n< r -^nce the state’s share 
per cent to 12 per cent branch in foe spring. Sboth banks from its present 

In various ways the banks are An important move this year «o per cent to 51 per cent and a 

is likely to be the lifting of ebance in the Taw on foreign 

inthtftwo -investors will make it easierfor 
foreign shareholders in the two -tha writs to attract .more- 

SSS£ dTSSft-SS: foreign^ 

Austrian shareholders in Credi- ... Patrick Bonn 


.....m-ir- 


■ * -1 - u ■ a—- A 1 ■ ■ — f ■■■> 

Ausma is coram ny a mmock a* iwinwsiw ronne 
banks such ns this one at Laffer. 


THE VIENNA Bourse settled 
down to more modest gains in 
1986 following the previous 
year's spectacular rise. The out- 
look for this year is more uncer- 
tain although a high level of 
activity is expected with several 
new listings. 

Whereas in 1985 Vienna’s 
semi-dormant bourse awoke to 
outperform every other major 
exchange in the world with its 
official index rising by 12 6 per 
cent. 1986 saw prices Call with 
the index going from 27525 at 


< 






< 


for contacts witii 
Austrian manufacturers, 
exporting and importing firms 

For your regular free copy of 
Austrian Trade News 


CONTACT: 


Tka^astm'h2^tUKmmsmamtfl€UK 

IHyde Park Gate 
London SW75ER 
Telephone: 01-684 4411 
Telex: 25668 


Austria Mb CfnuiBSsta 

Algeria • Angola P.B. • Argentina • Australia • Belgium • Brazil 
Bulgaria •Canada-Chite -China P.R "Colombia «CSSR*Cuba 
Danmark • Ecuador • Egypt, Arab Rep. • Federal Republic oi 
Germany • Finland • France • GDR •Greece •Guatemala *Hong 
Kong • Hungary India • Indonesia • Iraq • Iran • Ireland •Israel 
Italy •foory Coasl- Japan* Jordan •Kenya* Korea DeniRR. 
Korea Rep.* Kuwait* Lebanon • Libya • Malaysia • Mexico 
Morocco • Netherlands • Nigeria • Norway • Pakistan • Peru 
FKfippeies • Roland • Portugal • Rumania • Saudi Arabia 
Sweden • Switzerland • Singapore • South Africa, Rep.* Spain 
Sudan • Syria • Taiwan •' Thailand • Tunisia • ‘Rakay • Dinted 
Arab Emirates* USA* USSR* Venezuela* Yugoslavia *7309, 
Rep. •Zimbabwe 




the end of 1985 to 261.69 on 
December 30. 

There was, however, a further 
growth of activity with a record 
number of new issues and capi- 
tal increases, both of which 
helped to maintain a high 
degree of investor interest 

More companies were listed 
or raised capital than in pre- 
vious years. Ten new com- 
panies, including three regional 
banks, issued shares compared 
with only two companies in each 
of the preceding years. 

Prices fluctuated most in the 
first half of the year with the 
index foiling to 256L92, its lowest 
point, in early March and rising 
to 296.19, a historical high, in 
the second half of ApriL Prices 
then followed a downward 
curve to firm op again towards 
the end of the year. 

Share analysts attribute the 
improvement to renewed inter- 
national interest in Austrian 
securities following a spurt of 
activity on the Vienna Bourse in' 
the autumn with the introduc- 
tion of several new issues. 

There were additional fac- 
tors. Traditionally there tends 
to be a bunching up of activity 
towards the end or the year to 
take better advantage of certain 
available tax incentives to 
encourage investment. Also, by 
the late autumn the perform- 
ance of individual companies 
can be more easily assessed and 
despite a slight slowing down in 
the economy many companies 
were reporting higher earnings. 

End of year improvements did 
not alter the general trend for a 
decline in prices, although most 
analysts believe that this was 
| inevitable alter the very strong 
increases of 1985. Dr Karl Pale, 

1 chairman of the Girozentrale 
Bank and a former president of 
the Vienna Bourse, says: 

41 Although Austria's share mar- 
ket was unable to repeat its 
impressive performance of the 
I previous year, it consolidated at 


Vienna Bourse 


Dec. 30,1984-100 


vided additional incentives for 


CA share 

index 


— r a t — 

— t 


a high level . . : the widely 
feared reaction to the rise in 
share prices in 1985 did not 
materialise.” 

According to the official 
bourse branch index, set at 100 
at the start ot each year, the 
magnesite industries recorded 
the strongest growth (index up 
to 138.70), followed by the banks 
(index up to 107 £2) and a very 
small rise in the index for the 
construction industries (102.08) 
and the breweries (10L43). 

The paper industries were 
sharply down (75J52), also down 
were the insurance companies 
(8521), the chemical industries 
(89.82) and machinery and 
metallurgical industries (90.14). 

Long-awaited reforms intro- 
duced on the bourse in January 
1986 encouraged activity. Trad- 
ing hours were lengthened, the 
limits on the price movements 
for new shares were widened 
and shares are no longer quoted 
in terms of percentages of their 
nominal value but in unit 
prices. Government plans to 
reduce taxation on equities pro- 


New capital 
parties already 
bourse totalled 
than doable the 

raised by corn- 
listed on the 
Sch 3u8bn, more 
amounts raised 

in 1985. The mi 
tion of compani 
maintained stro 
from Sch 2&3bi 
end of 1964 

irket capitalisa- 
es on the bourse 
ng growth rising 
l (fZZbn) at the 
to Sch 7-L3bn 

(S5.8bn) in I9f 
84.1bn (f6.6bn) 

5 and to Sch 
it the end oflast 

year. 


The total vt 

due of shares 

traded on and 
increased by m 
cent rising from 
over $lbn> in IS 
$L6bn) last yea 
Itself the amour 

off the bourse 
ore than 50 per 
Sch 13L6bn (fast 
B5toSch205bn 
r. On the bourse 
d rose from Sch 


As the innovative bonk with 
goo d business-relationships to the 
Styrian universities, to 'technology-park' 
and 'technova' . 

[technology transfer institute}. .- 
we are looking forward also . . • 

to become 
your partner 
forafl 

banking services. 


(Ernst HoflecfteedenlJ 


&4bn to Sch 8b n. 

This year, several companies 
and banks are planning to issue 
shares and participation certifi 
cates which are roughly equiva 
lent to risk-bearing non-voting 
shares. Government privatLsa 
tion moves have raised expecta 
Hons about shares being offered 
in some of the more successful 
nationalised companies, and 
further tax reforms are 
expected to encourage activity, 
but the narrowness of the mar- 
ket and the slowdown of econo- 
mic growth may handicap 
growth. 

The total value of shares 
traded in January was sharply 
down compared with January 
1986 and the amounts traded on 
the bourse in January and 
February were down 35 per cent 
from Sch L6bn in 1986 to just 
over Sch Ibn this year. 

The bourse index has also fal- 
len from 28L69 at the end of last 
December to 236.01 at the start 
of March, ali of which suggests 
that developments may bejnuch 
more modest in 1987. 

Patrick Btum 


k* 





wmm 


YOUR ELECTRONIC NOTEBOOK 


OrBarimyowdaybBBnrtyiaoga Pfaffips 
Pocket Mkso. 

It's Us fastest may to mala Dates, retard 
ideas and compose fetters, without writing 
anything in tong hand Audit atss mates 
juu iafoyandsntirfynursacwttrit Jo Sod 
out more Amt Phffips Pocket Memos: 
ortactyaur office aptgment dealer. 

THE W0RUTS NO. 1 1N DICTATION 



Have your F.T. 
hand delivered . . . 


at the start of every working day, if you work in the business centre of VIENNA 
Geneva (022) 311604 And ask Peter. Lancaster for de iraite ■' 













Tourism industry 







J* 





M 


m 


m 


%! 



& 



4** 


X* 





I 


v*!* 


,,.^m$ -M 


i«i 






’M 




5 


France (780.000) an 




s 


*& 




:^fr# 




/ 




,*y 







< 


• «5,N '»>•• . f 


/ ■'-. 


M; 


/ 


• -V 


i*> 


V’ 


4 


7 •'■ 



V 


/' 


:•* ' > 
’u 


J* 


M 


X 




ss 


9C 


< *• : 


sac 


iii 



■'X 


•V- 


-•- 


’ - 


,-y / 


si 


H 




r*rt 




Tourist Trade 



Other visitors 


Austrians abroad 




7 -cs~.;pv via-: 





14/ *. 



svv^X •.•.•r •_ 



I * • v ,--■> * ;• -V 

* s> . .■**•*. * ;>»: J 


' >, » C’ 




. -».* j • *** 




[,.^j v<< -v-v^X'. •'■'*»’*« '• V - ’..: - ’ <■•• • •♦ c *'‘** ,' 

?•■>;.?:■*■■ * :i •'•,*- ' . i -/.X 

li»v v* -«£ ". •»- ■j'W -s ■ . . ' ,.'« „ J 

?■*,. - ■ ?- *y ■ . . - • . ••?••< i 

'A ' .• „• • • '"’ • “ ■' ' '5 


\ 

\ 





xf 


v.*Xf' 







V-** V 









•^•*Y 



W. U UwBcfiW 


manufacturers face a saturated market 


Eastern Europe and, in the lon- 
eer-term, in China. 

Tn »We meantime, cwnp^oon 
la hotting np Brom Frai !“’ 
RcSaignol is the world’s 


many and Italy. There are 
aSoabout Japan whoseownsfa 
industry is developing test 

SSrSuyJapan Jgpoiteabout 

600,000 alpine slds a jrear or 
SSich about half come from 
Austria, but the picture could 

■ - nEfflSW— 

from the Japanese, at tt* 
moment they compete only on 

their domestic marketjbul In 

tee fixture we ^B.wenwW 
they can do in other industries, 
says Dr StingL 

Patrick Own 


BANKWINTER & CO. A.G 


GZB- VIENNA con Iwrfpyoi) 
tocompose the p^rf®^ 
Urtomorionol business 

tronsoctiotv 


Besides our 

expertguidancoond 

all tho traditional 
international 

banking services 
we offer you 

„ p re ci:ion 

to conduct « v ®" . hllI1 


complex toon 


tertrade business' 


®=E2~=-- 

S25*. 

-Trustee services 


• •.. 

■ r '*\ 


GZB-VIENNA 
we are tuned 
to perfection 



GZB-VIENNA 

ALXSvW !"«’ ?«* ' 2ENT AT WAV 


Ve-'-s^ 


JN!CC } 

;bas<-’n.:, 


The Bank 


with reliable connections 


for international transactions 


EAST and WEST 


Vienna 1010, SingeistraBe 10 


AUSTRIA 


Telephone: 51504 -0 

FAX: 51504-213 


Telex: 112662 



























Financial Times Monday March 16 1987 


AUSTRIA 6 


Pressure on industry 


Public sector under stress 


A formidable task for the 
man in the middle 


A KEY question for the to tare of 
Austria is whether private 
employers can make good the 
loss of jobs in a group of state* 
owned businesses, most of 
which have declined into deep 
deficit 

The state holding company. 

OIAG, had 102,000 persons on 
the books in mid 1985, Now it is 
down to 93,000, and Dr Hugo 
Michael Sekyra, director-gene- 
ral of the group, says that will be 

down to 87,000 by the end of this 
year. 

By and large, private indus- 
try— which in Austria means a 
host of small and medium-sized 
businesses, has been able to 

maintain s taffing levels, though 
at times for paternalist rather 
than strictly business-like 
reasons. 

.But will it be able to absorb 
newcomers? 

Prof Herbert Xrejci, of the 
Industrialists' federation, says 
the answer will depend upon 
the conditions that they and, by 
implication, their unions make. 

State-owned industry has a way 
of being particularly generous 
with fringe benefits which, in 
Austria, come to as much 
again as the wage itselt 

Working practices in private 
industry also tend to be more 
flexible than in the state-owned 
sector, partly because in a small 
business it has proved possible 
to retain a direct human contact 
between man and master. 

The fundamental problem of 
state-owned industry, which it 
shares with some of private 

industry, is an excessive An eav to on H Mnt a Hrtaf att-fcn at tt> 
dependence open traditional faced growing tflfflcuftles from that quarter. Construction 
products, such as the commod- 
ity steels of Voest-AIpine, the _ _ _ „ 

country's largest company. But chalked, up in other, smaller- 
ATI ATI moral 1 «iew the nrivate members of the OIEG group. 




that, all going well, it' might 
prove something of a repeat 
performance of Voestfs post-war 
success with the LD oxygen- 
steel process which swept the 
world. But he adds that" we are 
speaking of a time horizon-of 10 
years.” 

The industrial holdings of 
Austria's two state-owned com- 
mercial and more par- 

ticularly of Creditanstalt- 
Bankverein (CA), represent a 


specialised form of state owner- 
ship in industry. CA’s industrial 
group has been down 

somewhat and, on aggregate, is 
showing a small profit One of 
its biggest loss-makers, the 
cycle and moped division of 
Puclt, part of Sfceyr-Daimler- 
Puch. has been sold off for a 
song to Piaggio, a member of the 
Fiat group, which wanted Peek 
technology for a moped engine 
with catalytic converter. 

In spite of that sale, Sieyr- 
Daimler-Pnch remains the chief 
problem in CA’s industrial 
empire, lorry capacity of <LO 00 
units a year is too small to be 
economic- and needs a more 
potent partner. Steyr also 
makes armoured vehicles and 
guns, and in the past occa- 
sionally ran into political diffi- 
culties with proposed ex po r ts. 
But the political atmosphere in 
Vienna may have changed 
somewhat 

At OIAG, Dr Sekyra defines 
his strategy as turning a con- 
glomerate into a concern 
proper— winch must mean 
clearly defined chains of com- 
mand and finding synergies (or 
scope for constructive co-opera- 
tion) within the group, and 
disposing of units that do not 
properly fit in. 

His and Dr Streicher’s task is 
complicated by the expected 
slowdown of the Austrian eco- 
nomy, which could revive politi- 
cal pressures to preserve jobs at 
whatever . cost For the moment 
at least, both men say they want 
to protect . management from 
such pressures— but both must 
also be aware of deep-seated 
Austrian traditions of state 
intervention. 




An env ir oninent a Hsts' stt-fen at tbe site of a proposed hydro el ectri c plant at Hatabtng on the 



postponed and my bo 


signalled two years ago that industry 


on an overall view the private 
entrepreneurs have proved 
more successful at finding mar- 


halked. up in other, smaller- The balance includes Sch 
lembers of the OIEG group. 15J2bn in new money for Voest, 

. . . _ another Sch 6 . 1 bn for Its alloyed 

The prescription adopted was steel affiliate, Vew, and Sch 


OIAG holds 43 per cent of the exhausts. Axel injection systems, 
Austrian company and would shopfloor robotics and oil field 


ket niches and innovative pro- streamlinii^, an end to political 3 . 55,1 f or restructuring Chemie 
ducts. Some private companies back-seat driving, government Unz (fertilisers, plastics and 
have very strong positions in fyf rant ®f 8 pharmaceuticals), and Eiin 

world markets— the classic inst- uu^ordewtobeoutofthered (electrical engineering and 
ance being Plasser und by 1990, and a cautious measure electronics). As against that Dr 
Theurer, with well over three- °* Privatisation. Stretcher hopes to raise Sch 

quarters of the western world Dr DudoZf Streicher, the 3bn-4bn by privatisation, 
market tor equipment to lay and minister in charge — a man who 

maintain railway track. came up from the shopfloor A small start has been made 

Private industry also has himself and became respected by selling off a company making 
great strength as a supplier of as a tough manager by the traffic light systems. In the 
components. Together with onions— says that privatisation autumn, OIAG hopes to float 
branch plants of foreign motor is not going to be practised for about 10 per cent of OEMV, 
*- -■» j - . _ . which runs Austria's only oil 


like to reduce that to 25 per equipment, even though the lat- 
cent But the narrowness of the ter is under a shadow just now. 


Austrian capital market is 
likely to delay the flotation. 


Dr Sekyra also attaches great 
importance to a new iron-mak- ' 


In the case of Chemie Linz it is ing technology. Corex, which 
planned to turn the phar- Voest has worked on. It uses 


maceuticals division into a joint natural gas and coal, which may 
with the Austrian tobacco be low grade, to smelt iron ore 


monopoly as a provider of capi- and produces gas for heating as 


companies, it has allowed its own sake. The real purpose 
Austrian automotive exports to is to reduce the drain on an 


tal and to bring the plastics divi- a by-product. Dr Seqyra reckons 


cover 80 per cent of the coun- already strained federal 


“d has bq tt in profit oataral gas below the cuimit 


sion into a form of partnership 
with OEMV, the refinery com- 
pany. The fertiliser section, 
heavily in loss, needs new plant 
to compete with Norsk Hydro, 
and is hoping for supplies of 


rtnership that the Austrians are five years 
ery com- ahead with this technology and 




W. L Lnetkens 


try’s imports of cars. 


budget As it is, special legisla- 


Voest's problems became tion is on the way to put the 
apparent tor all to see when. In, OIAG group’s finances in 
1985, an attempt to make good a' order. The total sum is Sch 


Austrian market price. 


cent of the OEMV equity are to 
be floated later. 


string of losses by playing the 423bn (fflibn), of which Sch The other big item for pri- 
oil flitm market went wrong iz3bn has already been vatisation is Siemens Austria, 
badly- From then on it proved financed since the disaster of whose majority lies with the 
impossible to ignore the losses 1935 . German Siemens concern. 


German Siemens 


At Voest, where the crisis first 
became pubic knowledge, the 
strategy is to create a more 
technology-oriented concern 
with steel as its main basis. Dr 
Sekyra. the head of OIAG, sees a 
fotnre tor products such as car 


RIENDLY FROM A TO Z. 


Friendly. The most prominent 
feature of Austrian Airlines. First 
Class on all flights, the renowned excel- 
lent board service and seat reservations 
already when booking your flight. The 



PE TOGO MICHAEL 
SEKYRA has one of the most 
difficult Jobs in Austrian 
industry, as head of Qester^. 
reichische i^ndrtAa WIntf 
(OIAG), flie holding company 
for nationalised industries, he 
is ander orders to turn tfce loso- 
maktag concern back into pro- 
fit by the early 1990s. ... 

It is a formidable and daun- 
ting task, but we which helms 
token np with energy. 

“This is a start-up business. - 
Wtfvo last 15 years so then isa 
lit to do,” he says almost 
enthusiastically, as- - IT 
relishing the p r ospe ct 

The OIAG group is a network 
of - companies currently 
employing 93£0fr workers, rep- 
resenting aboot one-fifth ef the 
country's industrial labour 
force, and KQnatibk tor 
about 29 per cent of the coun- 
try’s exports. It Includes Voest- 
Alpi Be, the troubled steel and 
engineering group Which Is 
Austria’s largest individual 
company, as well as several 
other major enterprises pro- 
ducing a wide range of pro- 
ducts. 

Dr Sekyra, a young lbeUag 


weiTas political pressures are 
likely to grow: f •.-• 

.. Austria's nationalised jndns- 
irie* had good rate* of growth 
until 1972-74 and the first ell 
shock buttben got into trouble 
because they tolled to change; 
Sekyrm vgHK'.. ' .* : ./ 

“Other countries adapted 
.And changed their 
(but), the Austrian state indus- 
tries continued to work with 
toe old system because the 
politicians! .and _ toe trade 
unions don’t llke change," he 
says.- 

He believes that confittona 
new and go v e rnm e n t support 
wDl allow hhntodo what is' 
necessary!* trim dvwn-Ot&G 
and make 11 profitable. Bathe 
also says,, maybe a shade 

apprehensively, that ^politi- 
cians are natural- enemies tf 
structural change.” 




Pa«a(5*um 


, ^ • 1 1 




1 ilf-Mn 

JS‘ I 


15 hours a day, from 7 am to 18 
ton and sometimes later, since . 
his appointment as OIAG dir- 
ector-general last August, Hla 
de dic ati on appears only to stop 
at weekends whteh be tottli- 
fUly spends with his tomlly at . 
Bid Ans s ee in Slyria, well 
away from Vienna. 

In uncharacteristic under* - 
statement he describes his job : 

as “very Chall enging • ail 

interesting.” He is forthright, 
confident and businesslike in 
argument, qualities which 
have caused him occasional 


problems te the past months. 
His working life has-been 


aim of Austrian Airlines: to be the 


Pouring molten steal at tho Donawttz mtts of tin troubled 
owned Voest concern 





OIAG in 19S6 


Affiliate 


Voest-Afpiire 
steel engineering 


VEW 

special steels 


OEMV oil 


Chemie Unz 


Turnover 


Provisional 

Result 


(Set) bn) Labour force (Sch bn) 


6.7 loss 


U toss 


13 profit 


OB loss 


Simmering-Graz- 
Pauker, engineering 


El In, electrical 
engineering and electronics 


snail profit 


His working life has been 
spent in industry, both private 
and state-owned. His last job 
was that of chief executive at 

Paplerfabrik Laaklrchen, apri- 
vate paper manufacturer. 

ms appointment fitted ini 
with the government’s new- 
found determination to have 
experienced and efficiency 
conscious managers rather 
than politicians to ran the 
state industries, but the job 
remains a highly political one. 

Rationalisations to be under- 
takes in &e course of the Hext 
few years will mean substan- 
tial job losses, in some cases In 
regions that are already Ida- 
gued by higher than average ' 
unemployment, opposition, to' 

lay-offs and other changes as 


*/ ilk; 


poio*&jNge 
REsrrAURAMr , . 


4 HnidBiiiio)' -. v. . • 
ASQ2Q SaUburg, Mak art pfatz 4 

* 'V AUSTRIA 5 
J TeL (066£) 735 JS7. J\ 


02 loss 


Austria Metali, 
non-ferrous metals 


Come to Salzburg . . . 
Come to Sheraton... 


• DE LUXE HOTEL CENTRALLY LOCATED 
AT THE KURPARK AND MIRABELLGARDENS 


• 165 EXQUISITE GUEST ROOMS 
AND ELEGANT SUITES 









• 3 STAR RESTAURANT ’MIRABELL* 
BISTRO, GARDEN TERRACE, PIANO BAR 


friendliest airline 
Europe. See — ^hospitality. 


AUSTRIAN AIRLINES 



• 4 CONFERENCE ROOMS FOR 10-120 PERSONS 

• DIRECTLY CONNECTED TO THE 
CONVENTION CENTER 

(9 MEETING ROOMS FOR 10-1000 PERSONS) 

• BOUTIQUE AND SOUVEMRSHOP 

• LIMOUSINE SERVICE 

• GARAGE FOR 70 CARS C $ 


,a- • ■ 

i - - • 

. . ? - 

r •-./ . 

*> / ■} . . 

, -» 


Salzburg Si^aton Hotel 

The hospitality people of J3*jQ 


A6Q20 Salzburg/ Austria • Auerspergstrasse 4 
Tel. 0662/79321-0 • Tx. 632518 shera a . 














f*- - — ^ • 

r Aow. V-